The Phaserl


The Daily Nugget – Who’s been buying gold?

by Jan Skoyles,

Like last week the gold price is set to end the week on its longest weekly rally since March this year. Turd Ferguson wrote last night that we haven’t seen three consecutive weeks of gold price rises since August 2012, will we see this again within a year?

Despite positive housing data from the US, the jobless claims numbers yesterday were enough to return traders to gold, for now. As we wrote yesterday, we believe gold will continue to hover between $1,280 and $1,340 until markets are given a more solid indication from the Fed.

Currently the US Dollar remains at a one-month low which has helped the gold price, setting it up nicely for its third consecutive weekly gain. At the time of writing gold has gained over 8.5% this month. It has already climbed $160 from the 3-year low it hit back in June. Whilst gold is yet to recoup its losses, the general sentiment in the West is certainly less bearish.

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