Gold: Consolidation Incoming!
Gold and silver immediately acted as safe havens after Hamas' attack on Israel. Unfortunately, it has to be said that "normality" has returned.
Gold and silver immediately acted as safe havens after Hamas' attack on Israel. Unfortunately, it has to be said that "normality" has returned.
The Middle East continues to dominate the news. Gold and silver will continue to follow the events.
A few weeks ago a fall below the $ 1800/oz mark was feared. Now, the picture has completely turned around in view of the Middle East conflict.
As suspected in the previous week, gold has again proven to be a safe haven for investors.
The strong bond yields and the strong U.S. dollar pushed the gold, silver, and platinum prices through prominent chart marks last week, thus probably triggering further stop-loss orders in the market. A rapid, short-term sell-off was the result.
Platinum is trading at a deficit of one million ounces in 2023 according to the World Platinum Investment Council (WPIC), which corresponds to more than 30 tonnes. Stable demand from industry and the automotive industry is meeting with a downward trend in production figures due to interruptions in the power supply in South Africa, the most important production country.