Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136
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Gold last traded at $1,710 an ounce. Silver at $24.64 an ounce.
NEWS SUMMARY: Precious metals traded lower Monday on profit-taking and a firmer dollar. U.S. stocks fell amid weakness in bank stocks caught in the downdraft of Friday's margin call.
KITCO--"Now that gold is sitting comfortably above $1,700 an ounce, is it ready for liftoff towards $1,900? Analysts remain optimistic but say that the precious metal needs a new catalyst to get it there....
'Factors that would normally weigh on gold, such as rising stock markets and the firm U.S. dollar, do not appear to be pressuring its price all that much at present,' said Commerzbank analyst Eugen Weinberg.
This trading pattern could be a sign that it's time to start picking up gold, RJO Futures senior commodities broker Daniel Pavilonis told Kitco News.
'Market sentiment is low compared to where it was back in August. This is a good sign. It is probably the time to start picking up gold. Next week, we could see more of an up week for gold,' Pavilonis said.
Gold is being pulled by two different outlooks - the short-term risk-on view, which is based on vaccinations and the economic recovery, and the long-term risk-off view, which is filled with uncertainty and an accommodative Federal Reserve....
'We happen to think we break out into $1,900 by year-end because we will see inflation and no action from the Federal Reserve,' said TD Securities head of global strategy Bart Melek. 'Also, we'll have more debt and more infrastructure spending.'"