Gold shoots past $2050/oz

GOLD prices kept rising at midweek and show no signs of slowing down.
Gold shoots past $2050/oz Gold shoots past $2050/oz Gold shoots past $2050/oz Gold shoots past $2050/oz Gold shoots past $2050/oz

Paul Wong

Comex futures for December delivery rose as high as $2070.30 an ounce, while spot gold got as high as $2055.80/oz.
 
"Gold has staged a breakout in a spectacular manner driven by plunging real yields, and now with the US dollar topping out. Deep negative real yields and a falling USD are potent drivers for gold. All these factors are related, and all are likely to continue," Sprott market strategist Paul Wong said.
 
"The current fiscal relief bill will have a $1 trillion floor, and more future relief spending is expected and sizeable fiscal stimulus programs will continue. Extreme accommodative monetary policy is here to stay indefinitely, even if conditions improve. The US dollar has just started a major down leg. 
 
"All the arguments we have made for being bullish on precious metals over the past year remain in place and have only accelerated or magnified. We continue to predict that gold will remain in a multi-year bull market."
 
Silver hit a seven-year high of more than $27/oz, nickel rose 2.2% to $14,381/t, a price not seen since December 2019 and zinc reached its highest point since January, while lead was at its highest price since February.
 
 

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