Gold price holds onto the £1030 level – but 5 years on, and is up over 200%
The gold price is holding onto the gains it made at the start of the week, and in particular the £ price of gold is hugging that £1030 level very closely.
If gold can close out the week tomorrow around that £1030 level it will be gold’s best close in terms of £s since the middle of June.
In terms of $ gold it’s still comfortably holding above the $1600 level and is up on the week.
In terms of € gold it has bounced nicely of that support level of €1300 and is looking like making up for the loses last last week.
Today is an anniversary of sorts – it was on this day 5 years ago that the markets woke up to reality that they system is built on the shakiest of all grounds – that of paper mountain of debt and totally elastic money – and started creaking as Northern Rock start to see queues forming outside its banks.
So just how has the stock market vs gold performed over that time frame?
The FTSE is DOWN nearly 4%. But…
- Gold price holds steady around $1650
- Gold price rebounds as the 200DMA holds again
- Gold price holding steady around the $1660 level
- Gold price keeps testing that $1600 level
- Gold price falls to $1645 level – trading back below the 200 daily moving average
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-holds-onto-the-1030-level-but-5-years-on-and-is-up-over-200-7566/