Gold Traders Bullish For 11th Straight Week

30 January
Gold Eagle:

“In what has been a rather rare occurrence, silver was the best performing metal this week, up 2.64 percent despite a steady trickle of silver out of the physical metal ETFs on a near daily basis. Gold traders are bullish for an 11th straight week, as surveyed by Bloomberg, on the heels of a declining dollar and speculation of a U.S.-China trade war standoff. Gold briefly rose 1 percent to the $1,300 mark on Friday, a seven-month high, as the dollar fell ahead of the Federal Reserve meeting next week, writes CNBC. The world’s largest ETF backed by gold, SPDR Gold Shares, saw holdings jump to a six-month high.

George Gero, managing director of RBC Wealth Management, said that he thinks “the gold rally is going to continue as global worries escalate.”

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