Gold has stormed to a key price milestone this week, with the bulls topping the tables over £1,597 ($2,000).
During trading yesterday (Tuesday) the yellow metal surged to £1,603 ($2,007) following news that October’s new home sales in America were significantly below expectations. Analysts had expected a total of 3.95 million units, but the official National Association of Realtors (NAR) figures confirmed a 4.1% decline, with just 3.79 million sales.
The property market is a key barometer of economic performance, making the decline additionally troublesome for economists. According to the NAR’s chief economist, Lawrence Yun, “the highest mortgage rates in a generation” are partly to blame. Of course, those rates are a direct result of the Federal Reserve’s monetary policy stance, meaning that the consequences of months of punishing rate increases are now coming home to roost.
Don’t wait for prices to rise further. Buy gold now.
