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In his weekly market review, Frank Holmes of the USFunds.com summarizes this week’s strengths, weaknesses, opportunities and threats in the gold market for gold investors. Gold closed the week at $1,222.50 up $29.99 per ounce (+2.51%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, fell 0.89%. The U.S. Trade-Weighted Dollar Index slipped 1.09% for the week.
Gold Market Strengths
Gold prices jumped this week in reaction to a pullback in various equity markets worldwide. Shanghai stocks had their sharpest fall in five years as a consequence of tightening credit conditions.
Gold traders are exhibiting bullish sentiment for a third week as the price of bullion continued through a second weekly advance. Assets in the SPDR Gold Trust, the world’s largest bullion exchange-traded product, rose on Tuesday at the fastest pace since July. The holdings are up almost 1 percent in December, snapping four straight months of losses.
U.S. Mint American Eagle silver coins made history this week, topping 400 million in all-time sales and setting a new annual sales record as sales have surpassed 43 million for the year. HSBC analyst James Steel noted, “The beauty of coin demand is that it is a very good barometer of retail demand.”
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