This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
The price of gold closed out the month of August with a strong rally last week following North Korea’s most provocative missile test of the year. Gold climbed 4.3% last month and posted a weekly gain of 2.5% between the Friday, Aug. 25, close and the Friday, Sept. 1, close.
On Monday, Aug. 28, North Korea launched a missile that crossed directly over Japan before falling into the sea. This was the first North Korean missile test since 2009, and it was enough to push investors to buy safe-haven gold throughout the rest of the week.
Japanese Prime Minister Shinzo Abe called the missile test an ‘unprecedented, serious, and grave threat,’ causing gold prices to reach $1,330 by Friday, Sept. 1. The metal hadn’t crossed the $1,300 mark since Sept. 27, 2016.
This post was published at Wall Street Examiner by Peter Krauth ‘ September 5, 2017.