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Articles by Gold Strategy
Dollar’s Trouble Could Be Gold’s Triumph | VanEck
Gold’s Record Highs and Market Drivers Gold continued its upward trajectory in February, reaching a record high of $2,951.73 per ounce on 24 February, driven by safe-haven demand amid concerns over U.S. trade policy. The Trump administration’s policy induced uncertainty, combined with rising inflation expectations and diminished consumer confidence, weighed on major stock indexes, further boosting gold’s appeal as an alternative investment and portfolio diversifier.
Will Investors Follow Central Banks into Gold? | VanEck
Gold had a strong start to the year. The main headwind for gold for most of 2022 was the strength of the U.S. dollar. However, in January, expectations for a slowdown in the U.S. Federal Reserve’s (Fed’s) rate hiking pace, combined with increased concerns about economic growth, put pressure on the U.S. dollar and supported gold. As treasury yields plunged, gold rallied, trading above $1,900 per ounce on 13 January.
Gold Miners React and Ready For More
By Joe Foster, Portfolio Manager, Gold Strategy Gold Shifts on Yields, Miners Follow Gold’s response to changes in U.S. Treasury yields persisted through April, as prices trended to a monthly high of $1,798 per ounce on the 22nd while, at the same time, 10-Year yields fell to a monthly low of 1.53%. To end the month, yields reversed course from their lows and gold eased to $1,770.55—eventually ending April with a gain of $63.55 (3.6%).
Scoping the Progress of ESG in Gold Mining
By Joe Foster, Portfolio Manager, Gold Strategy Positive Growth Outlook Depresses Gold The gold price trended lower in February, as a favorable growth outlook caused a continued sharp rise in Treasury yields, driven by increasing odds of more fiscal stimulus, declining Covid infection rates and strong retail sales and manufacturing data. Higher rates also allowed the dollar to firm, adding further headwinds to gold.
In the Inflation/Reflation Debate, Gold Could Win
By Joe Foster, Portfolio Manager, Gold Strategy, VanEck Reflation Trade Gold had a strong start to the year, moving to its monthly high of $1,959 per ounce on January 6 at the same time the U.S. dollar index (DXY)[1] made fresh three-year lows. However, gold quickly reversed course as it became clear the democrats had won a runoff election in Georgia, which, with the help of a democratic vice president, gave them control of the Senate.
New Year, Same Risks Drive Gold
By Joe Foster, Portfolio Manager, Gold Strategy, VanEck Gold Support Holds In December The Thanksgiving holiday attempt by short speculators to drive gold prices below the technically important $1,800 per ounce level failed, as gold rebounded to $1,815/oz on December 1 and gained $121.41 (6.8%) to end the month at $1,898.36/oz. Gold stocks also had strong moves with gains of 4.57% for the NYSE Gold Miners Index (GDMNTR)[1]and 10.76% for the MVIS Global Junior Miners Index (MVGDXJTR)[2].
Immense Challenges Ahead Support Gold
By Joe Foster, VanEck Portfolio Manager, Gold Strategy Gold continued to consolidate during October in the $1,850 to $1,950 per ounce range, trading inversely to the U.S. dollar. The dollar, in turn, responded to risk on/off sentiment in the stock market, trading higher (pushing gold lower) on risk-off days of stock market weakness.
Gold Miners’ Re-Rating Calls For Mass Appeal, Not Mass Production
By Joe Foster, Portfolio Manager, Gold Strategy, VanEck Gold Correction U.S. dollar strength kept pressure on gold throughout September. The dollar, as measured by the U.S. Dollar Index (DXY),1 trended higher as the stock market trended lower from its all-time highs. The pandemic stimulus-driven bull market looks to be in jeopardy as the S&P 5002 fell sharply at the beginning of the month and the dollar responded to the risk-off sentiment.
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