Gold Tops $1,800/oz To Highest Level Since September 2011; Up Nearly 20% in 2020

CEO, GoldCore • Jul 8, 2020 at 10:24 AM EDT

Spot gold has risen to above $1,802/oz today for the first time since September 2011, taking year to date 2020 gains to 20%.

Spot gold has risen to above $1,802/oz today for the first time since September 2011, taking a year to date 2020 gains to 20%.

Gold has been eking out gains since mid-March as gold buyers diversify into the safe-haven asset to hedge the risk that the looming global recession will have on risk assets, the dollar and fiat currencies.

A close above $1,800/oz on a daily basis is an important test for gold and should it do so, it will likely see strong gains and a test of the record nominal high of $1,920/oz in the “long hot summer” ahead.

In the short term, further profit-taking activity and price manipulation is possible but any weakness should be used to accumulate physical as gold’s fundamentals are as strong as ever and much higher prices are likely in the coming months.

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