Given the headwinds facing gold, it’s held up surprisingly well. The bitcoin phenomenon, bullish equity markets, a strong economy and rising interest rates are all traditionally negative for gold. Gold has had a pretty good year, considering. It’s trending higher and I think there is a good chance of it taking another leg up sooner rather than later.
The recent breakout for gold is bullish. It sets up the precious metals for higher prices longer term. But instead of buying into all the reasons why gold will go higher long term, it’s better to not even know. Ignorance is bliss.
I’ve been doing a lot of work on the sector for the past few months. As a contrarian investment idea, oil is intriguing right now. It’s off the radar of most investors, yet it’s more in demand than ever before.
For me, the way to trade gold is simple. That is, don’t have a big bet either way until it breaks out of its trading range.
We don’t take this revolution lightly. We think it’s the most significant disruption to global finance there has ever been.
This calm period shows what is possible for the price of gold. Gold can — and usually does — go up in the face of rising interest rates.
The Middle Island Resources Limited [ASX:MDI] share price has climbed 33.33% higher today. Find out why
Newcrest Mining Ltd [ASX:NCM] dropped 6.4% to a low a $23.53 this morning. The stock is still up close to 17% year-to-date. But, has the gold miner taken a turn for the worse?
Resolute Mining Ltd [ASX:RSG] is a gold miner operating mines in Africa and Australia. This morning, RSG dropped 6.69%, to a low of $1.25.
Today I’m going to take a look at the gold price. It’s dropped off the radar a bit lately, despite the yellow metal having a pretty good run so far in 2017.