Spot Gold Tops $1,900 For First Time Since 2011

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by Tyler Durden
Friday, Jul 24, 2020 - 09:09 AM

Precious metals prices are once again on the rise this morning with spot gold prices back above $1900...

Source: Bloomberg

“When interest rates are zero or near zero, then gold is an attractive medium to have because you don’t have to worry about not getting interest on your gold and you see the gold price will rise as uncertainty in the markets are rising,” Mark Mobius, co-founder at Mobius Capital Partners, said in a Bloomberg TV interview.

“I would be buying now and continue to buy, because gold is really on a run, it’s doing well.”

Source: Bloomberg

And gold is continuing to track the volume of global negative yielding debt once again...

Source: Bloomberg

The all-time record high price for spot gold, according to Bloomberg data, is $1921.18 in Sept 2011...

Source: Bloomberg

While spot gold prices are about $20 away from the all-time high, some futures contracts on the Comex are already trading even higher. December, which overtook August as the contract with the highest open interest according to data released when Friday’s Asian trading session was already underway, touched $1,927.10 an ounce Thursday. That’s above the record for the most-active contract of $1,923.70 reached in 2011.

Silver is rising too but less so for now, stabilizing after its breathless surge this week...

Source: Bloomberg

The Gold/Silver ratio is creeping higher again...

Source: Bloomberg

As a reminder the last time gold traded at these levels, the SNB pegged the franc to the euro.

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