Gold is on the Rise, Due to Physical Demand

By on

According to Bernard Sin, the head of currency and metal trading at billion refiner MKS SA in Geneva stated that “physical demand is extraordinary.” After prices slumped to $1,321.95 an ounce Tuesday morning, prices are on the up climbing today to $1,412.40 an ounce. This tends to happen when gold prices plummet, physical gold price increase as investors become more interested in purchasing it.

To put it in perspective, a few days ago all gold mining stocks were on the decline. Today, all of them are up with Franco Nev Corp. at $37.08 up nearly 7% and Gold Resource Corp. up just over 9% to $9.45. When it comes to ETFS, Gold Miners ETF Market Vectors are up 3% while Junior Gold Miners ETF Market Vectors are up 2.44%.

Gold is expected to continue to increase until it eventually levels off at some point next week.

Copyright Gold Alert All rights reserved.

Join the Discussion