If you caught our mid-week Gold Bullion Bulletin, you’ll know that gold is shining brighter than ever right now with a whole host of highly respected industry experts calling for the precious metal to smash through previous price highs.
With global political tensions, monetary policy and inflation all favouring a move to the upside, the window of opportunity we are seeing right now is all the more pressing. This chance has been created by a smaller number of US workers claiming employment benefits for the first time, according to figures revealed yesterday (Thursday).
The weekly data from the US Labor Department showed that in the last seven days the number of jobless claims from the newly unemployed feel from just over half a million (507,000) for the week prior down to 473,000. The rolling four week average was also down to 534,000 – a drop of 28,250 on the previous week. Despite this fall, the overall number of unemployed workers remains well above 3.5 million.
The figures were a little better than analysts had expected, which served to hem in gold prices at £1,295 ($1,817), down 0.30% on the day.
With overall expectations that gold will continue to rise now that it has broken through the important £1,283 ($1,800) barrier, this marks an opportune moment to add gold to your portfolio.