Gold, a seasonal rally and the future of money
Big news this week – gold hit $2,030 in intra-day trading on Tue, it didn’t hang on but it did close the day with a hefty $20 gain closing at $2,020. It has since tried to hold onto the giddy heights of over $2,000 but a relatively strong dollar has put paid to that. However, there is still some upward momentum in the price thanks to confidence that the FOMC is done with hikes, and of course the as yet unconfirmed temporary ceasefire in the Middle East. Regardless of what reason you’re looking for as to why you should invest in gold right now, all indicators suggest that December is set to be a great month for both the yellow metal and silver. Data from Saxo Bank shows that for the last six years the precious metals have undergone a “Santa Rally”, with gold and silver yielding a 4% and 7.25% return, respectively.