Astute Investors Bolstering Physical Gold Holdings

  • Posted Monday, July 07, 2014 at 08:56 PM

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver prices dipped in overnight trade but Gold has rebounded to positive territory at $1,320.00 an ounce, at the time of this writing, while Silver is trading at $21.00 an ounce as the dollar firmed early in the day on speculation of a more rapid hike in U.S. interest rates following the better than expected jobs report on Thursday.
 
“Of course, interest rates will go up eventually, but…(Fed Chair Janet) Yellen has made clear that this will not be soon, even if inflation moves above the Fed’s target." says Adrian Day, president of Adrian Day Asset Management. "When the Fed does start to move rates up, we suspect they will lag inflation, and so there will be no meaningful increase in real rates for the foreseeable future. The market now sees that."
 
Money is beginning to flow back into precious metals once again and according to the latest Commodity Futures Trading Commission (CFTC) report, fund managers boosted precious metals holdings across the board through a mix of short covering and new buying for the week that ended July 1. “Don’t look now but one of the least loved commodity sectors by trader and analysts to start 2014— precious metals – (is) starting to display rather bullish price moves,” says Mike Zarembski, of optionsXpress. “However, some of the biggest surprises are in the performance of Gold and Silver of late,” he added.  

Meanwhile, on CNBC today, Nobel prize-winning economist Joseph Stiglitz, said that he is “very uncomfortable” with the current level of the stock market. “These very strong stock market prices are in a sense a symptom of the weak economy, not a symptom that we are about to have a strong recovery to our real economy,” said Stiglitz. Astute investors have begun rotating out of stocks to bolster their holdings in physical Gold.

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Metal BID ASK CHG$ CHG%
Gold 1194.30 1195.00 $1.40 0.12%
Silver 16.07 16.11 $0.01 0.06%
Platinum 1197.00 1200.00 $0.25 0.02%
Palladium 806.50 809.50 $0.50 0.06%
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