Officials with Barrick Gold Corporation, Goldcorp and Newmont Mining all lent credence earlier this week to increasing prices for bullion at the Denver Gold Forum in Colorado. Reasons supporting the upward drive include large, looming questions about the global economy and shortages of new supply lines.
"The fundamentals that are backstopping a higher gold price are there," chief executive officer Jamie Sokalsky with Barrick Gold Corporation told the news service on Monday. "I'm optimistic that, with the uncertainty throughout the world and the macroeconomic environment and some of the fundamental supply and demand aspects of gold, that we could see new highs on the gold price."
At 12:56 p.m. on Thursday, gold futures gained 1.10 percent, a $19.10 lift to $1,752.80 per troy ounce.
With a record price of $1,923.70 per troy ounce as established on September 7 of last year, bullion was driving higher on Thursday after the U.S. Federal Reserve announced it will implement a third round of quantitative easing, according to The New York Times.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.