Gold Daily Price Recap
The choppiness in the recent daily price action of Gold continues; to start today, it came in at a price of 1745.5 US dollars, up 0.78% ($13.4301) since the previous day. Out of the 5 instruments in the metals asset class, Gold ended up ranking 4th for the day in terms of price change relative to the previous day. Below is a daily price chart of Gold.
Gold Technical Analysis
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days.
Overheard on Twitter
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Gold for the past day were:
- From Richie88571618:
@GMB @piersmorgan @susannareid100 @OfficeGSBrown What did you tell them? Wait for the gold price to hit rock bottom and then sell your reserves? You left the country bankrupt. Be like asking Gazza how to give up drinking. Does help our position you ruining other countries tho, so thank you for that.
- From Scalper_Trader:
#ORR Could this be that dramatic move finally? All about the gold price here, the higher the price the more valuable the acreage..
#IAMGOLD certain to develop the mine with gold at this price! AISC very attractive..Market cap a tiny £3m. Staggering when you look at the map..
- From PeterNBell:
By now most of our readers are aware that we here at Sprott Asset Management believe the gold price is being manipulated through the use of derivatives and short selling by central banks and their cohorts at the big investment banks. “There Is No Gold” December 2005 #SprottWatch
In terms of news links for Gold here’s one to try:
The largest gold ETF is the “SPDR Gold Trust,” which is traded on the New York Stock Exchange Arca (NYSE Arca) under the symbol “GLD.” In this article, we will examine how GLD works to understand its role in the gold market and its impact on the gold price….In the primary market, ETF shares are created and redeemed by “Participating Dealers.” It’s mainly through the creation and redemption process of shares that the ETF price tracks the price of the associated asset….One GLD share represents 0.1 ounce of gold….The GLD share price tracks the gold price, mainly through arbitrage….The APs must have been buying gold and creating shares….Their incentive for creating shares was likely that the GLD price (occasionally) was trading at a premium to the spot gold price.