Since touching lows of $1,136 last Friday, gold has rallied strongly, trading as high as $1,225, as appetite simply doesn’t appear to be waning. It should be noted that Hu Xiaolian, a vice governor of the People’s Bank of China, warned that people should be watching out for “bubbles on certain assets”.
Gold & Silver
- UBS Wealth Management said that gold is likely to peak at $1300, and will need a bullish catalyst to move it towards $1500
- Zhang Bingan, a senior official at the China Gold Association, said that his personal view was that China may step up their gold purchases
- Richard O Brien, CEO of Newmont Mining, said that he believed that the recent rally is “going to run out of steam at some point”
Major Economic News
Initial Jobless Claims