Gold futures closed lower last week as traders shifted their focus from possible U.S. fiscal stimulus to the Tuesday’s presidential election. The catalyst behind the price action was the movement in the U.S. Dollar.
As much as the brokers and some of the news services put it out there, gold is not a safe-haven asset. It’s an investment and a store of value. Nearly all the way down from its summer top, they have been pushing the agenda of gold being a safe-haven. This has led to a few short-term technical bounces, but the overall trend has been determined and controlled by the movement in the greenback.
Last week, December Comex gold settled at $1879.90, down $25.30 or -1.33%. Long-Term Bullish Monetary Stimulus
Monetary stimulus comes from the central banks or in the United States, the Federal Reserve. They are committed to holding interest rates near zero for the next three […]
November 2, 2020 (updated November 2, 2020) Published by StockMan