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The Weird Reason Gold Will Head Still Higher
Oddly, ETFs that track the yellow metal aren’t gaining new money, a paradoxical bullish sign, says market sage.
When gold prices rise, especially after a tumble, fresh money usually rushes into the exchange-traded funds (ETFs) that track the shiny metal. Not this time, though.
The well-respected newsletter, McClellan Market Report, finds that the two biggest such funds, SPDR Gold Shares and iShares Gold Trust, aren’t getting investor inflows they’ve been flat for a while.
The analysis concludes that’s a bullish sign for bullion. Historically, of course, gold benefits amid economic turmoil, like what the coronavirus triggered last spring.
Wednesday, 5/05/2021 14:14
GOLD PRICES held $10 per ounce higher for the week so far in London on Wednesday, but remained almost $20 below yesterday s test of 3-month highs after US Treasury Secretary Janet Yellen spooked financial markets by saying interest rates may have to rise. Chair of US central bank the Federal Reserve from 2014-2018, Yellen said in a pre-recorded interview released Tuesday that the new Democrat White House s multi-trillion Covid and infrastructure stimulus does involve a re-allocation of resources away from the private sector towards government borrowing. And, you know, it may be that interest rates have to rise somewhat to make sure that our economy doesn t overheat, even though the additional spending is relatively small.
Thursday, 4/01/2021 14:14
GOLD PRICES extended yesterday s steep rebound in London trade Thursday, heading into the long Easter weekend above $1720 per ounce after US President Joe Biden unveiled a plan for $2 trillion of infrastructure spending on top of the $1.9 trillion in Covid relief and stimulus already underway. Ahead of Biden s speech in Pittsburgh on Wednesday – in which he laid out a plan likened by some media outlets to F.D.Roosevelt s Great Depression stimulus of the 1930s – gold prices bottomed at $1678, the same 9-month low reached 3 weeks ago. New figures today said US jobless benefit claims rose steeply last week, while China s factory activity was barely changed in March from the month before on the Caixin PMI survey.
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