Gold’s Strongest Months Since 1975 Are September And November
Today’s AM fix was USD 1,392.75, EUR 1,051.85 and GBP 899.19 per ounce.
Yesterday’s AM fix was USD 1,406.25, EUR 1,059.96 and GBP 906.79 per ounce.
Gold fell $8.60 or 0.61% yesterday, closing at $1,407.10/oz. Silver fell $0.44 or 1.81%, closing at $23.85. Platinum fell $11.61 or 0.8% to $1,518.99/oz, while palladium was down $8.78 or 1.2% to $734.22/oz.
Gold is set for its second consecutive higher monthly close which is bullish from a momentum and technical perspective. Gold is nearly 5% higher for the month in dollars and euros, 2.5% in pounds and 12% in rupees after the rupee collapsed in August.
Gold Seasonal - Monthly Performance and Average (10 Years)
Gold quickly fell from $1,407/oz to $1,395/oz at 0800 London time despite no data of note and little corresponding movement in oil and stock markets. Profit taking and an increase in risk appetite may have contributed to the falls after the U.K. parliament voted to reject military action against Syria and fears over oil supply disruptions in the Middle East eased.
Oil prices are still heading for the largest monthly gain in a year, with Brent up more than 6% in August after unrest cut output in Libya by around 1 million barrels per day and production fell in Iraq, Nigeria and elsewhere.
The U.S. seems likely to proceed with a strike against Syria even after U.K. lawmakers rejected action which should support prices. The yellow metal reached $1,433.83/oz on August 28th, its highest since mid May on concerns that the U.S. will go to war with Syria.
We futher discuss the medium and long term drivers of the gold market, click below to view full article.
Absolutely nothing has changed regarding the fundamentals driving the gold market. We are confident that gold, and indeed silver, are still in long term secular bull markets likely of a 15 to 20 year duration.
Owning physical gold coins and/or bars in your possession and owning physical gold and silver in allocated accounts will continue to protect and grow wealth in the coming years.