Gold News: Gold Futures Close The Week Higher After 3 Consecutive Gains
Gold News
The price of gold futures has gained for the third session in a row on February 19, as demand was boosted due to declines in global equities and crude oil. Stocks worldwide declined, as oil fell for the first time in three days, ending the week below $30 a barrel. That is for gold news the inverse of stock investing.
The BI Global Gold Mining Competitive Peers Index, which tracks 45 gold producers, reached its highest point since July. Furthermore, The Barrick Gold Corporation, the world’s largest gold producer, reached its highest price in 17 months at $12.90 on the New York Stock Exchange, and it reached its highest price since September 2014 on the Toronto Stock Exchange.
(Source: Bloomberg)
Phil Streible, a senior market strategist at RJO Futures in Chicago told Bloomberg “People are realizing that the world is not as stable as they once thought. Gold prices are going to rise and it’s the smartest miners that are going to do well.”
On Friday afternoon, Gold Futures on the Comex in New York, gained 0.4% settling at $1,230.80 an ounce, meaning that gold has climbed 16% since the beginning of the year.
Despite gold’s increase this past week, a Bloomberg survey of traders and analysts reveals that for the first time in seven weeks, there is a greater percentage of gold bears than there are bulls, compared to a week earlier, when bulls outnumbered bears 16 to 4. Julian Jessop, the Chief Global Economist of Capital Economics told Bloomberg that in the short-term he agrees the price of gold will probably drop a bit, however, if still believes that gold is a strong long-term investment, with a target price of $1,250.
(Source: Bloomberg)