Gold advanced 0.05% in May, according to the Financial Times of London, finishing the month at $1,268.92 per ounce
That may not sound terribly significant, but put in a broader context, we find gold is on quite the win-streak.
May marked the fifth consecutive monthly advance for the yellow metal. The last time gold went on such an extended run was six-and-a-half-years ago. Year-to-date, gold has advanced a healthy 10.6%.
Safe-haven buying has been one of the primary factors in gold’s surge over the last five months. Pres. Trump’s confusing policy flip-flops, questions about Russian influence in the White House, wars and rumors of war, and global political turmoil have all led investors to seek the historical security offered by gold.
The biggest day for gold last month was May 17 when reports came out asserting US president Donald Trump sought to interfere with a probe into his campaign’s ties with Russia. Many questioned whether this could be Trump’s Watergate. Spot gold rose 2% to $1,261.36 that day, erasing nearly all of the previous losses for the month.
This post was published at Schiffgold on JUNE 1, 2017.
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