Gold price news this past week has mostly revolved around the White House as we gradually move into the Trump administration’s tenure.
The precious metal retraced slightly in the week following Trump’s inauguration. But since then, the price of gold has risen 3.8%. As of 12:05 p.m., the gold price today (Friday, Feb. 10) trades at $1,236 per ounce.
January alone was even more impressive, with the gold price gaining 4.9% that month. I’d caution anyone to expect that pace of gain to continue through the rest of this year. But the common saying is ‘as goes January, so goes the year.’ And January clearly marked the start of a long-term rally in 2017.
On the sentiment side, we have more encouraging news. The World Gold Council just reported that gold-backed ETFs increased their holdings by 1% last month. And one of the world’s greatest investors moved back into gold in late December and January, just as gold prices bottomed.
This post was published at Wall Street Examiner on February 10, 2017.
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