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Gold One Of Many Commodities Falling Today

Gold is not the only commodity falling  and its “largely thanks to dollar strength,” according to Tyler Richey, an analyst for the 7:00’s Report.

“Gold broke out last week as investors interpreted mostly soft economic data as reason for the [Federal Reserve] to delay “rate liftoff” to the end of 2015 or even out to 2016,” he said. “However, after … [the] strong housing starts number, and with multiple other reports due out later this week with optimistic results expected, the uptrend in gold is being tested.” 

Gold currently held in SPDR Gold Trust is at lowest point in four months.

“The exchange-traded funds have come off in the past few days, which is counter to the way the price has been performing. It is potentially profit-taking with prices at a three-month high,” said Victor Thianpiriya, an analyst with ANZ in Singapore.

“Triggering events could be geopolitical (the 1973 Middle East crisis), a recession where the Fed rapidly increases interest rates (the 1980-1982 recession), a commodities price collapse (oil in the late 1980s), the commercial real estate crisis (in the early 1990s), the Asian crisis (in 1997),so-called “bubbles” (the 2000 Internet bubble and the 2008 mortgage/housing bubble), etc. While the past crises had different roots (you could spend a lot of time arguing the degree to which geopolitical, economic or purely financial factors caused each crisis), they generally had a strong effect across the financial markets.”

With gold reaching volatile levels, it is no wonder why some people are a bit more bearish than usual. But, United Coin & Precious Metals, located in La Jolla, California, maintains that the fundamentals remain for the gold price to remain bullish.

We hear it from customers all the time at our La Jolla – a bedroom community of San Diego -storefront. “I can’t believe how much they are printing.” It truly is something else. And that is why we believe so much not only in gold bullion and silver bullion but generally that all precious metals coins will result in long-term bullish results for precious metals investors.


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