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The best performing precious metal for the week was gold, but still down 0.38%. According to Bloomberg, bullion retains a clear upward bias. With wider markets bracing for the potential prospect of Trump 2.0, a poll showed most investors reckoned such an outcome would be bullion positive. A second Trump presidency could bring greater policy disruption, trade tariffs and enhanced geopolitical risks.
Gold retreated as some investors booked profit after the metal’s rally to a fresh record. Bullion fell by as much as 2% after earlier reaching a fresh record of $2,790.10. The drop followed the release of strong economic data, which boosts the chance of a cautious approach to interest-rate cuts in the months ahead. Lower borrowing costs tend to benefit the precious metal, as it does not pay interest, according to Bloomberg.
According to Bank of America, silver net non-commercial long positions on the CME have risen but are still below all-time highs. Investor interest has also been inconsistent across other segments, with a gap emerging between silver prices and risk reversals. Inflows into physically backed ETFs remain relatively low.
is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund , the World Precious Minerals Fund and the Gold Shares Fund .
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