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Gold Silver Intraday Technical Analysis Forecasts October 22 2019
Intraday gold silver forecasts are updated at the begining of the European market day.
Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
Ways To Invest Trade The New Gold Rush
August 13 2019 - The New Gold Rush: How High Can Gold Prices Go? By Investors Business Daily
Investors seeking a safe haven from the volatile stock market as trade war and global growth concerns persist are chasing the latest gold rush.
Gold prices last week topped $1,500 an ounce for the first time in six years, fueling gold ETFs to levels not seen since spring 2013. And some analysts think they could keep rising.
Goldman Sachs last week boosted its three-month and six-month gold price forecast to $1,575 and $1,600 an ounce, respectively.
"If growth worries persist, possibly due to a trade war escalation, gold could go even higher, driven by a larger ETF gold allocation from portfolio managers who still continue to under-own gold," Goldman said in a note Wednesday. "Gold ETFs have recently built momentum almost as strong as in 2016, and we believe that can be maintained in the short term."
Gold Vs. Bonds
Trade war fears aren't the only reason for gold's recent outperformance. Investors tend to flock to bond funds when they're nervous about the stock market. But global bond yields at or near record lows make gold look more attractive, since the precious metal is a zero-yield asset. In Europe and Japan, bond yields are negative, which means lenders pay to lend borrowers money.
The rush to gold fueled global gold-backed ETFs last month to their highest level since March 2o13, according to the World Gold Council. They saw net inflows of U.S. $2.6 billion across all regions, adding 52 metric tons to 2,600 metric tons.
"Last month's flows continued the positive trend that had started in mid-May as uncertainty rose — whether from economic concerns, trade tensions or geopolitical risks — and global monetary policy started to shift to a more accommodative stance," the World Gold Council said in its latest report. "As the gold price in U.S. dollars increased by an additional 1.3% in July, global assets under management rose 3.4% to U.S. $119 billion."
Gold purchases by global central banks have also boosted gold, as the banks seek safety amid trade war and geopolitical tensions.
4 Ways To Play The Gold Rush
SPDR Gold Shares (GLD), up 0.6% Monday afternoon, is trading at its highest level since May 2013. The $40.4 billion fund is up 17% year to date, outpacing the S&P 500 by 2 percentage points. GLD, launched in November 2004, carries a 0.40% expense ratio. It's extended from a June breakout.
The $15 billion iShares Gold Trust ETF (IAU), also up 17% this year, marked its 14th anniversary in January. It's also extended from a breakout in June. IAU charges a 0.25% expense ratio.
SPDR Gold MiniShares (GLDM), with $901 million in assets, launched last year. The fund charges the lowest fee for a gold ETF, at 18 basis points.
GraniteShares Gold Trust (BAR), launched in August 2017, is another low-cost fund. Its expense ratio is 0.20%. Both GLDM and BAR are up 17% and extended from any buy point.
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