Precious metals drift sideways in quiet year-end trading
Precious metals drift sideways in quiet year-end trading by Michael J Kosares for USA Gold
This will be our last DMR for the year, though we will post updates at our live daily newsletter page if anything of interest develops. These reports will resume on January 2, 2020. Happy Holidays, everyone, and golden wishes for the New Year from all of us at USAGOLD.
(USAGOLD – 12/20/2019) – The precious metals are drifting sideways this morning in quiet year-end trading. Gold is level at $1478 and silver is up 3¢ at $17.08. With ultimate outcome still up in the air on a number key issues for financial markets, gold is caught in a kind of limbo seesawing on either side of the $1475 mark and awaiting a clearer sign of where we might be headed next.
To end the week and the year, we return to a recent quote from Bloomberg Intelligence’s Mike McGlone this morning that sets a hopeful tone for our favorite precious metal as we close-out 2019 and move closer to 2020:
“It’s a new year and decade and gold is poised to follow the dollar and equities to new highs, in our view. When, should be the primary question, particularly when the stock market and greenback succumb to some normal mean reversion. Absent a new higher dollar and stock-price plateau, gold is set to join the all-time-highs club. Gold prices are on a sound footing for further advancement in the coming year and decade, in our view.”