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Will Gold's Safe-haven Rally Stick As Gold Blows Through $1,300?
Gold prices were trading at the highest level in almost a year on Tuesday as investors flocked to the safe haven on heightened tensions between North Korea and Japan. Trading solidly above the key psychological level of $1,300 on the news of a North Korea missile launch over Japan's airspace, gold for December delivery rose $9.70, or 0.7%, to $1,325 an ounce — on track for its highest settlement value since last September. While recent news from North Korea saw gold’s safe-haven rallies to be short lived, Frank Holmes, chief executive officer for U.S. Global Investors, said this time it's 'different.’ He noted that the scenario now includes a change in U.S monetary policy and a hurting U.S. dollar, both positives for the metal. However, Holmes added the caveat is that gold will likely see a pullback before taking off again. ‘We are due for a correction,’ Holmes said. ‘But real yields are shrinking rapidly and as that happens, the dollar falls…I am very bullish gold,' the fund manager added. The SPDR Gold Shares ETF GLD tacked on 0.6%, while those for gold miners, the VanEck Vectors Gold Miners ETF, climbed 0.5%. (show less)
Gold prices were trading at the highest level in almost a year on Tuesday as investors flocked to the safe haven on heightened tensions between North Korea and Japan. Trading solidly above the key psychological level of $1,300 on the news of a North Korea missile launch over Japan's airspace, gold for December delivery rose $9.70, or 0.7%, to $1,325 an ounce — on track for its highest settlement value since last September. While recent news from North Korea saw ... (read more)
Gold Game Film
Gold Game Film features the founder of US Global Investors, Frank Holmes as he highlights play-by-play action in the gold market. Melding sports and precious metals, Holmes comments on gold’s touchdown pass of the week. Holmes also reflects on the opportunities and threats he sees for the gold market. Tune in every week to hear from our Monday Morning Quarterback, Frank Holmes.Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.
