Home InfoVault News Gold Surges To Record: All-Time High!

Gold Surges to Record: All-Time High!

Gold Surges to Record: All-Time High!
Category: News
Author Name: Dillon Gage
Posted: 07-27-2020 10:26:00 AM

Spot gold surges to an all-time record above $1,900 an ounce early Monday 7/27 on Comex, and silver hit a seven-year high, as the dollar tumbled. Read more!

For more recent updates about the price of gold, read this Info-Vault article.

Spot gold surges to an all-time record above $1,900 an ounce early Monday on Comex, and silver hit a seven-year high, as the dollar tumbled.

The yellow metal touched $1,946.90 an ounce, taking out the record $1,921.17 for spot bullion set in 2011. The dollar fell to near a two-year low. A weaker dollar is typically bullish for precious metals.

The front-month gold futures contract, which rolled to December on Friday, gained 6.4% last week to settle at $1,925.20 an ounce on Comex. The December contract increased 0.4% Friday. Through last week, the front-month contract was up 6.9% in July. Currently, the August contract is $1,927.10, while the DG spot price is $1,937.90.

Silver futures climbed to $23.86 an ounce early Monday, shooting through the September 2013 high. September futures rose 16% last week to settle at $22.85 an ounce Friday on Comex. Silver slipped 0.6% Friday but was up 23% so far in July. Currently, the September contract is $24.295, while the DG spot price is $24.26.

Precious metals have gotten a boost in recent months from investors turning to them as a hedges against economic uncertainty amid the worsening coronavirus pandemic and rising tensions between the U.S. and China. Also bullish for gold are expectations that central banks will continue economic stimulus measures. U.S. Federal Reserve policy makers are set to meet this week.

The dispute between the U.S. and China ratcheted up last week after the U.S. ordered the Chinese consulate in Houston closed and Beijing responded by shuttering the U.S. consulate in the southwestern city of Chengdu.

Meanwhile, the virus known as COVID-19 continued to worsen in the U.S., which has reported more than 1,000 deaths for four straight days. Local leaders including the mayors of Houston and Los Angeles have said a second stay-at-home order may be possible. News breaking this morning in the Wall Street Journal that search engine giant Google will now keep its approximately 200,000 employees working from home until at least next July.

The virus has killed almost 648,000 people worldwide and sickened 16.2 million. About 26% of the cases — and 23% of the deaths — are in the U.S. The country has 4.23 million cases, more than any other nation.

In economic news, the latest Fed decision on monetary policy is due out Wednesday, with a press conference by Fed Chairman Jerome Powell. Initial jobless claims are scheduled for Thursday. The weekly jobless rate rose to 1.416 million in the week ended July 18, according to data released Thursday by the Labor Department. It was the 18th week that claims topped 1 million and the first time in 16 weeks that the number has risen.

Spot palladium gained 11% last week to $2,284.90 an ounce after advancing 2.6% Friday. Spot platinum rallied 8.9% last week to $925.10 an ounce, even though it fell 0.6% Friday. The DG spot price for platinum is currently $938.30, while palladium is $2,379.80.

Article was originally published on Dillon Gage.com on 7/27/2020.

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About The Author

Author Name: Dillon Gage
This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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