Gold Prices Make Headway Above $1,500/oz.

Written by Swiss America

gold is money 2496347 640Gold Makes Headway Above $1,500 as 2020 Comes Into Closer Focus -Bloomberg/Yahoo Finance
"Gold firmed up a foothold above $1,500 an ounce as investors positioned for 2020, with post-Christmas gains coming even as global equities inched higher and U.S.-China trade concerns eased. Silver rose along with platinum in what's been a banner year for precious metals. Spot bullion advanced for a fourth day, the best run since October, and headed for the highest close in more than seven weeks.

The metal is on pace for biggest annual gain since 2010. The break through $1,500 in the face of new highs in U.S. equities, a rebound in U.S. Treasury yields and a strong dollar 'leads to an assumption that bulls will buy in the New Year, so the market is trying to position ahead of time,' said Tai Wong, the head of metals derivatives trading at BMO Capital Markets. 'It has momentum that is a little mysterious and no one wants to stand in the way.'....Gold is up about 18% this year as investors weigh the benefit of havens amid the to-and-fro of the U.S.-China trade war and a run of central-bank easing. The latest tick higher came even as Donald Trump said Tuesday a deal with Beijing is 'done.'"