{"id":1194858,"date":"2020-07-09T12:19:17","date_gmt":"2020-07-09T17:19:17","guid":{"rendered":"https:\/\/www.mining.com\/?p=1029212"},"modified":"2020-07-09T12:19:17","modified_gmt":"2020-07-09T17:19:17","slug":"gold-price-builds-base-above-1800-with-record-in-sight","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1194858","title":{"rendered":"Gold price builds base above $1,800 with record in sight"},"content":{"rendered":"

Gold held above $1,800 on Thursday after reaching that threshold for the first time since 2011 in the previous session, as concerns about the global economy linger on to fuel gains for safe-haven assets.<\/p>\n

Spot gold prices surged over 40% over the last 14 months and are within distance of 2011\u2019s record high of $1,920.30 an ounce. While spot gold declined 0.4% by 12:15 p.m. EDT, it has held support above $1,800 per ounce for most of Thursday’s session.<\/p>\n

Gold futures for August delivery were also down 0.7% on the Comex in New York, but still trading above $1,800 an ounce.<\/p>\n

Demand for havens has surged so far this year, with inflows into gold-backed exchange-traded funds (ETFs) over a half-year period already surpassing the record full-year total set more than a decade ago. <\/p>\n

According to data compiled by the World Gold Council, funds storing gold on behalf of investors added 734 tonnes of gold<\/a> worth $39.5 billion to their stockpile during the first six months of 2020.<\/p>\n

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\"\"<\/figure>\n<\/div>\n

Analysts are expecting further gains — potentially testing record highs — as investors stock up on assets that they expect to hold value while the coronavirus continues to shake up economies.<\/p>\n

\u201cWe\u2019ll be challenging the $2,000 level by the end of the year,\u201d Ross Norman, an independent analyst, told Reuters<\/a><\/em>. \u201cWe are in a bull market for gold.\u201d<\/p>\n

Warren Patterson, head of commodities strategy at ING Groep NV in Singapore told Bloomberg<\/i><\/a> that it seems as though “it is only a matter of time” before gold tests all-time highs.<\/p>\n

\n

\u201cThe case for gold holding above $1,800 is pretty strong, with the weaker US dollar, surging covid-19 cases, and some Fed officials questioning the US recovery\u201d<\/p>\n

Warren Patterson, head of commodities strategy at ING Groep NV<\/cite><\/p><\/blockquote>\n

Financial investors, mainly in Europe and the US, have been on an unprecedented buying spree as fears of inflation and lower bond yields made the precious metal even more attractive.<\/p>\n

According to Bridgewater Associates\u2019s Ray Dalio<\/a>, founder of the world\u2019s largest hedge fund:<\/p>\n

\n

“Investors should favor stocks and gold over bonds and cash because the latter offer a negative rate of return and central banks will print more money”<\/p>\n<\/blockquote>\n

\u201cThe previous record close of $1,900 is now in plain sight and we suspect gold might even attempt $2,000 before the end of 2020 if the number of US cases does not abate,\u201d Oversea-Chinese Banking Corp. economist Howie Lee said in a note<\/a>.<\/p>\n

(With files from Bloomberg and Reuters)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Spot gold has surged over 40% over the last 14 months.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1194858"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1194858"}],"version-history":[{"count":9,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1194858\/revisions"}],"predecessor-version":[{"id":1194928,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1194858\/revisions\/1194928"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1194858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1194858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1194858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}