Gold closed up today as traders appear confused regarding which way gold is heading and if the gold commodity cost is headed upwards, downwards, or sideways. Yesterday gold closed at $963 a troy ounce now it closed at $966. Gold is exchanged in models of 100 oz . and trades underneath the base symbol GGC. Present day gain, however, wasn’t enough o offset yesterday’s lack of $20 an oz. In conclusion, gold began a few days at $978 then rose to $983 after which tumbled to $963 then a small crawl to $966. What this means is in four times of buying and selling gold has produced a loss of revenue of $12 per troy ounce. Will this trend continue? It’s difficult to say.
Some traders are shocked and saddened only at that loss which will come soon after recent news accounts that China is buying large amounts of gold like a hedge against its fears the US dollar will still loss of value. Furthermore, there’s talk within the Worldwide real estate markets about relocating to a currency apart from the united states dollar like a foundation of pricing and buying and selling goods. Some have recommended gold. Thus, you will find high anticipation that gold is going to remove within an upward prices trend. Therefore, the confusion and disappointment with present day cost news.
However, one commentator remains bullish on gold and it is predicting that gold will achieve a higher of $7,000 per ounce. I don’t use whatever others hopping with that bandwagon. A minimum of not. Most traders appear almost paralyzed with this week’s gold activities and don’t understand what to create from the cost decline. It seems most traders have a wait and find out attitude regarding which way the gold commodity cost goes.