Despite significant weakness on Monday (7/1), gold has had an impressive run recently. The price of one major gold ETF, GLD, moved almost 8% higher in June and close to 10% through the end of the first half of 2019. GLD outpaced the broader commodities market and silver through the end of June, although its gain was overshadowed by much higher prices for the crude oil ETF, USO.
TABLE 1: ETF PRICE TRENDS FOR SELECTED COMMODITIES AND OVERALL CATEGORY
Source: Bespoke Investment Group, price trend as of June 28, 2019
According to CNBC, overnight futures prices for gold reached their highest level since May 2013 last week, moving above $1,440 per ounce.
FIGURE 1: GOLD PRICES SPIKE HIGHER IN JUNE
Source: CNBC, based on data from the St. Louis Federal Reserve
CNBC also noted the following about gold’s move higher in an article published June 25, 2019,
Here is a sampling of some additional recent commentary regarding gold:
Gold investors will have to closely monitor sentiment from the Federal Reserve and the constant daily changes in the macro geopolitical environment, particularly the latter. “Good news” in terms of rate policy, an easing of trade tensions, and calmer rhetoric concerning relationships between the U.S. and other nations has the potential to create volatile moves in gold, as seen over the last month.
Source: MarketWatch, data as of July 1
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