March has been nothing short of exceptional for gold prices and we have seen that again this week with yet another all-time high recorded this week. Gold prices went into trading yesterday (Thursday) with, yet another record smashed, this time peaking at £1,737 ($2,225).
However, if you missed your chance to buy before this breakout, there would be a hint of an opportunity on the horizon. Following weeks of high intensity gains, the bulls appear to be taking a breath in the wake of some new U.S. housing data.
Official figures released yesterday (Thursday) by the National Association of Realtors (NAR) showed that the housing market enjoyed a bumper start to the year, with much better figures than expected for January.
NRA data showed that far from the decline in new home sales that economists had expected to see, the numbers were up by 9.5%. This leap compares with just 3.5% in January. The number of existing home sales was also in positive territory, with a total of 4.38 million units sold in February – much higher than the four million sales recorded for January and well above what analysts had expected to see.
Lawrence Yun, the chief economists at the NAR said, “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”
In the wake of these figures, the bulls eased off the gas, with gold prices dropping back around 0.02% to £1,710 ($2,173). The bulls remain on pause this morning, with prices around £1,720 ($2,166) just before 9am. This could be one of the best opportunities you get to buy for many months, with the Federal Reserve indicating that it remains on course to make three rate cuts this year.
Don’t waste this chance. Buy gold now.
