The gold price reached a fresh 8.5-year high in early Wednesday trading, but then had to give up the profits again, turned significantly into the minus before it was able to make up some of the losses again at the end of trading. Silver was also able to overcome the important resistance at $ 18 at first, but then had to reveal the brand again in the course of trading. Nevertheless: the listing is still within striking distance of the $ 18 mark.
Meanwhile, the London Bullion Market Association (LBMA )’s statistics released on Wednesday show that gold stocks in London’s vaults have hit a new record, as has silver. Of course, this statistic relates to the first quarter, i.e. the end of March. A lot has changed since then. The fear of Corona has subsided somewhat. Nevertheless, the demand for gold remains high. This is also shown by the holdings of the large gold ETFs, which also set a record.
Gold is intact
The bull bull market for gold is intact and there is still a lot to suggest that gold will start an attack on the all-time high in US dollars in the fall. Gold has already reached this all-time high in almost all other currencies. The gold price has already reached a new high in euros as well as in Canadian and Australian dollars. Not to mention many emerging market currencies. Investors use weak phases to build up or expand their positions.