Welcome to SurvivalBlog’s Precious Metals Month in Review, where we take a look at “the month that was” in precious metals. Each month, we cover gold’s performance and the factors that affect gold prices.
What Did Gold Do in September?
Gold prices surprised observers by resisting selling pressure until the last part of the month. A breakdown in stocks, bonds, and gold caused by abysmal consumer confidence and plunging new home sales on September 26th pushed gold prices to $1,919. Bond yields hit 4.6% and the dollar index rose to 106.82 on the 27th, forcing December gold $29 lower and into a “death cross” where the 50-day moving average falls beneath the 200-day moving average.
Gold prices saw no relief at the end of the month, dropping another $12.50 to $1,866 an ounce on the 29th to the end September with a loss of $100. $80 of this loss came during the last week of the month, which shows the rapid deterioration of the gold price as the automakers strike continued and the economy recoiled from the threat of a government lockdown.Continue reading“September 2023 in Precious Metals, by Steven Cochran”