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For investors and traders who believe that the price of gold should be higher than the current price, renewed optimism has emerged as market sentiment has moved towards much more optimistic behavior. This bullish market sentiment has been revived by the perception that the ongoing US-China negotiations are progressing and moving toward a resolution.
This renewed optimism has resulted in extremely sharp price increases in the precious metals complex as well as in US equities. Today, gold futures are experiencing a dynamic and robust rally, with April 's most active contract being set at $ 1344.30. This is a direct result of the current increase of more than $ 22, a gain of 1.68%.
Gold gains, as respectable as they are, are downplayed by today's bullish movement of palladium, which has seen the most price growth, both in dollars and as a percentage, of any other precious metals . Palladium hit a new record, and the $ 47 gain today is currently $ 1454.40.
Although a 90-day tariff break between the two superpowers is fast approaching when tariffs are going from 10% to 25%, recent statements by this administration have alluded to a much more flexible schedule.
According to MarketWatch on Sunday, President Trump tweeted about trade negotiations stating that "great progress is being made on so many different fronts". He continued on Twitter: "Our country has fantastic potential for future growth and greatness at an even higher level!"
Add to the current optimism regarding trade negotiations the current dilemma in the European Union regarding Brexit. The British parliament will again be forced to make a decision in about five weeks. Peter Hug, global sales director at Kitco Metals, said the Brexit-related issues "could derail the whole continent and fish traders see increased physical demand for gold". His comment also stressed the importance of the minutes of the FOMC meeting of the Federal Reserve to be released Wednesday.
Although the geopolitical problems that caused this substantial increase in the precious metals markets can change at any time, market players have found renewed optimism and have expressed their desire for a substantial increase in gold and palladium adding fuel to the current rise in US equities.
Really a lot of traders think that at least for now, the good days come back here.
For those who wish more information, just use this link.
Wishing you as always, good business,
Warning: The opinions expressed in this article are those of the author and may not reflect those of the author. Kitco Metals Inc. The author has endeavored to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a solicitation to exchange merchandise, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept liability for losses and / or damage resulting from the use of this publication.
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