Caution Driving Gold Higher
schiffgold.com / BY SCHIFFGOLD / JUNE 7, 2017
Most observers expect the Federal Reserve to nudge rates higher this month. Stock markets continue to push upward. Analysts continue to talk up the economy. Conventional wisdom holds this should all be bad for gold. And yet the price of the yellow metal hit its highest level since November yesterday, peaking midday at $1,296.15 per ounce.
It’s easy to get caught up in the moment, but the most recent rally makes up part of a broader trend. Gold is around 13% higher on the year, and as we reported last week, gold was up for fifth straight month in May, the longest “win streak” since 2010. A recent Bloomberg survey signaled more gains on the horizon.
So what gives? Why are investors buying gold?
In a word – uncertainty.
An abundance of caution seems to be pushing the price of gold higher.
Political uncertainty and geopolitical tensions around the world have people on edge and seeking the safe-haven gold traditionally offers.
The post Caution Driving Gold Higher appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/06/07/caution-driving-gold-higher/
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