| | | Gold breaks past $1,600 for first time since 2013
Feb. 18, 2020 11:43 AM ET|About: SPDR Gold Trust ETF (GLD)|By: Carl Surran, SA News Editor
Gold futures ( GLD +1.3%) climb to their highest levels since 2013, as continued concerns over the coronavirus pressure stocks and spark demand for safe-haven assets including gold and U.S. Treasurys.
Comex April gold +1.3% to $1,607.60/oz., the highest intraday level for a most-active contract since April 2013, while March silver +2.4% to $18.17/oz.
"There is a good set-up for gold going into this and next week on the $1,600+ breakout and swing point," Peter Spina at GoldSeek.com tells MarketWatch, adding that the swing past $1,600 could lead to prices moving much higher, "with $1,700-$1,900 coming in play over the coming months."
The latest of "many positives," Spina says, is that "now 100% of the U.S . Treasury yield curve is now negative yielding, if you now take inflation into account. Negative real yields with a falling rates is more fuel to gold prices heading, eventually, to record highs" in U.S. dollar terms. |
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