Commodities

Kitco: Trade Tensions Drive Gold to New All-Time High

Posted on by Andrew Packer

Stocks have now been trading in a range for the past two months, even as they remain near all-time highs. However, one asset is breaking higher: Gold.

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    • The metal topped $2,800 per ounce last week, and had a high of over $2,870 this week. And held strong amid the tariff tantrum and latest trade war fears. Part of that move is the weakening of the dollar, coming off of a recent strengthening trend.

    The latest tariff news creates uncertainty in the markets. So, it’s increasingly likely that there won’t be significant moves higher in the U.S. dollar. That bodes well for gold.

    The metal had been climbing in dollar terms in recent weeks. Even as the dollar remained strong relative to other currencies.

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    So far, the latest tariff drama seems like a repeat of 2018. However, this time, President Trump is looking to move faster, and on a bigger scale.

    Economists note that a tariff is a tax. And one that could reduce global trade. And drive up prices for many goods, fueling inflation. These uncertainties can likely drive gold higher.

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    • Currently, central bankers remain large buyers of gold. That’s especially true for China, Russia, and Turkey. All three are nations that may be left in the proverbial cold in terms of U.S. trade.

    These trends all point to a continued rise in gold as it continues to mark new highs.

     

    To see the full analysis, click here.

     

  • Special: Every Time the Government Releases Jobs Data... Make This Trade the Night Before!