If you have been waiting to buy your first physical #gold, now is a good time to start!
Gold prices soar despite bearish bank reports – Levenstein
Gold prices surged last week smashing through several key resistance levels including the psychologically important $1300 an ounce level.
Gold prices continued to advance last Friday for an eighth session in a row, gaining almost 5% for the week, fuelled by a combination of increased physical demand, technical buying and economic jitters. And, on Monday, the price of spot gold hit $1329.70 per ounce, a 3-1/2 month high.
Market sentiment towards gold has been positive since the beginning of the year as weak U.S. economic data, and emerging market jitters have taken a toll on global equities, spurring demand for bullion – often seen at times of uncertainty as a safe haven.
Gold is up 10% this year after a 28% drop in 2013, while silver has gained more than 12%.
The price of the yellow metal has broken well above its 50 day moving average, has traded above the 100 day moving average and has also closed above the 200 day moving average as well as the key resistance of $1,300/oz. These positive signs suggest that the upside could continue.
The price of gold began last week on a firmer note and then after vacillating for most of the day on Tuesday, prices rallied after Federal Reserve Chair Janet Yellen pledged to continue to maintain the monetary policies set by her predecessor Ben Bernanke.
Despite calls for lower prices from practically every major bank, the price of the yellow metal is now up by around 10% from the beginning of the year. Gold has now broken above the $1300 for the first time since November last year. This is an important turning point for the yellow metal, and I urge you to consider adding to your portfolio.
If you have been waiting to buy your first physical gold, now is a good time to start, as I believe the bull market is making a comeback. If you already own gold, but have been waiting for the right time to add to your position, now is the time.
Do not wait any longer. Add physical gold to your investment portfolios.