Gold News: Gold Rallies as Turmoil Continues in Iraq and Ukraine
Gold Posts first back-to-back quarterly gains since 2011
Chaos in Iraq as Gold Rallies
Since the end of March, bullion rose 3 percent, representing the first back to back quarterly gains for gold since 2011. For the year, gold prices have climbed 10 percent and out-gained indexes of commodities, equities and Treasuries. While both Goldman Sachs and Société Générale expected last years slump to continue, gold has stayed strong. The increasingly serious conflicts in Iraq and Ukraine have likely played a role in the recent progress as buyers want a safe haven for their wealth. As the Dollar struggles, the Fed has stated that, for a considerable amount of time, it will keep interest rates at almost zero.
According to Bloomberg:
- Gold Futures for August delivery finalized at $1,322 an ounce at 1:43 p.m. on the Comex in New York
- Bullion grew 6.1 percent in the last month
- The Standard & Poor’s GSCI Spot Index of 24 commedities rose 1.4 percent this month
- The MSCI All-Country World Index of equities gained 1.7 percent this month
- This June, Bloomberg Treasury Bond Index dropped .2 percent
- From December 2008 to June 2011, Gold grew by 70 percent.
- exchange-traded products rose 13.2 metric tons in the past two days, which marks the biggest tw0-day tonnage increase since 2012
- Gold Assests, at 1,728.7, are at their highest since May 1st
However, with the current trends, its only logical to ask: Can the strong growth continue?
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