March 5, 2021 | Gold Doom or Gold Boom?
Sean Brodrick Sean is the natural resource analyst for Weiss Group. You can read his thoughts on gold, oil, cannabis, uranium and other natural resources at Wealth-Wave.com
I probably don’t have to tell you that gold is having a miserable 2021. Heck, gold actually fell to a nine-month low yesterday. However, I don’t think this will be the case for long.
Let me show you a few charts that indicate that bears have overstayed their welcome and a bull charge may be around the corner.
First, let’s deal with the fact that the yellow metal has fallen about 9% this year. The most obvious reasons are:
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Dow tumbles 1 7%, Nasdaq set for worst week in months amid relenteless yield rise msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Dow tumbles 560 points for worst percentage fall in 3 weeks as bond yields surge MarketWatch 2/25/2021
MARKET SNAPSHOT
Stock-market benchmarks finished sharply lower on Thursday, after a surge in bond yields inspired a bout of fierce selling in equities amid concerns over tighter borrowing conditions down the road.
Investors also fretted higher bond rates could sap the relative attractiveness of buying stocks to the benefit of fixed-income investments. What did major indexes do?
The Dow Jones Industrial Average fell 559.85 points, or 1.8%, to 31,402.01, marking its biggest daily point and percentage drop since Jan 29.
The S&P 500 tumbled 96.09 points, or 2.5%, to end at 3,829.34, its biggest fall in over three weeks.
Gold prices fell as much as 2.2% to a near one-week low on Thursday as a surge in U.S. Treasury yields and better-than-expected economic data out the United States dented demand for the safe-haven metal.