Gold and Gold Miners Had a Really Good Week, While DXY Slides To 98.85
Gold and silver extended their breakout as the U.S. dollar slid to 98.85. Not only gold and silver, gold miner ETFs like GDX have also been doing well, registering over 14% growth in the past 7 days alone.
Gold, silver, and gold miners just had a really good week. Gold closed the week trading over $4,600 per troy ounce, while silver finished at $69 per troy ounce. Not only the precious metals, the gold miners have also been doing well. GDX price, which is widely regarded as the most popular gold miner ETF, went up to over $100, registering a 14.29% growth in its 7D price action movement.
The story is not only about the metals. DXY (USD index) has been sliding to below 98, triggered by the recent news regarding how the Treasury Department's plan to double its buyback plans for longer-dated bonds.
Gold, silver, and gold miners are not just the winners this week. Cryptocurrency market has also been doing well, with both Bitcoin and Ethereum taking advantage of the bad news regarding the USD.
Equity market, on the other hand, gives mixed signals. SP500 closed the week at around 7,677, so it's not really doing that much compared to precious metals, miner stocks, or the cryptocurrency market.
Whether the gold rally can continue next week remains to be seen, but the momentum looks really good right now for the metal believers.
Related assets: Gold, Silver, Palladium, Platinum