GOLD BACK ON THE RISE – November 30 – December 6

This past week has been optimistic for Gold as it went back above the $1800 (USD/Oz) level. Gold traders and investors were getting ready to put in those buy orders if the price dropped lower. Those that put in their buy orders definitely got a nice payout. With Monday being the last day of the month, the US Stock Market took a blow due to market-wide reshuffling of positions, which resulted in the yellow metal and other “safe haven” assets to consolidate over the previous weeks’ lows. What made the precious metal shoot over $1800 (USD/Oz) was the increased amount of buying volume that came Tuesday and Wednesday, with investors looking to purchase while prices are still relatively low. We mentioned in our previous newsletters that smart money will always buy in when there are dips in the market, this past week was the perfect example of smart money buying when Gold and other precious metals prices are low.

The week began optimistic with Gold rising due to investors and traders reshuffling their positions in the US Stock Market, causing it to go down, but resulting in the precious metals market to go up. Monday, Gold closed at $1777.39 (USD/Oz).

Midweek the yellow metal shot up past the $1800 (USD/Oz) level due to a large spike in buying volume coming from investors and traders. Wednesday, Gold closed at $1830.69 (USD/Oz).

Gold peaked at $1847.40 (USD/Oz) with news about supply chain issues with Pfizer’s COVID-19 vaccine. However it fell on Friday when news regarding the addition of 245,000 new jobs in the previous month. Friday, Gold closed at $1837.77 (USD/Oz).