Gold Prices: Are They ‘Under Pressure’ in Short Term?

President William McKinley being held up on a gold coin in an animation about prosperity

Photo Source: United States Library of Congress’s Prints and Photographs division

Increasing stock prices are putting pressure on gold prices, as confidence in the US economy continues.  So far earnings reports have been mostly positive, with some analysts quoting earnings gains of 11% on average. 

Such figures are hard to validate during earnings season as sometimes hundreds of companies report daily, so they’re best thought of as relative gauges and not absolutes.  Friday’s US jobs report was followed by “positive” noises from the Fed, which helped depress gold prices some more.

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It all adds up to gold prices remaining under some pressure in the short term, unless a major geopolitical event sets off concerns. Such as North Korea…  There is some interesting, blessedly brief, reading out there today on the landscape for gold. Reuters published a nice little article this morning summarizing things for gold, silver and palladium (because, why not?). 

And The Global Times reports Chinese gold reserves are likely to top 4,000 tonnes soon — as the Chinese continue to play the long game of accumulation.  Your Gold Enthusiast believes the rest of the world should be paying way more attention to this, as those who play a long game early tend to do very well over time.

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2 Comments

    • Hi William, Of course you are right. Your friendly Gold Enthusiast is a bit more moderated in his approach than the run-of-the-mill gold pushers. That could be because he only makes money when he’s right! People selling you things can get mixed up in their motivations, though good straight-talking friends help keep that under control. Thanks for reading! – The Gold Enthusiast