Will Gold Rally To $1,500 This Year?

  • The best performing metal this week was platinum, up 6.07 percent. Platinum is set for its biggest weekly advance in two years, as its wide discount to sister metal palladium creates interest for the metal. Bloomberg writes that traders are also weighing the potential for labor disruptions in South Africa, the world’s largest producer of the metal. Platinum fell 14 percent in 2018, but is starting to see a rebound this year. Gold traders switch to being neutral on the yellow metal this week after being bullish for three previous weeks, according to the weekly Bloomberg survey. The Perth Mint reports that gold coin and bars sales rose to 32,757 ounces in March, which is up from 19,524 ounces in February. BullionVault’s gold index measuring the balance of buyers against sellers rose to 54.5 in March, up from 52.2 in February, indicating that there are more buyers on the market for gold.
  • Gold held steady this week, down just 0.02 percent, as investors await the outcome of the latest round of trade talks between the U.S. and China and as negative economic data was released. The World Trade Organization cut its global trade growth projection for 2019 and orders placed with U.S. factories for business equipment fell in February for the third time in four months, reports Bloomberg.

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