The gold price in the United States of America is rallying and reaching new highs. The current gold price in the United States of America is at just under $1900 dollars.
This is the highest price the gold price has ever been and it is the first-time gold has climbed this high since late 2015.
At this moment, gold is trading at $1892.50 on the Comex division of the New York Mercantile Exchange.
This means the gold rate is continuing to rise and its first bullish wave since the low was taken out back in early 2016.
On the upside, gold is on the verge of breaking out above the $1900 barrier and could hit this level in the next few days.
The bullish outlook for gold is increasing with each and every day. Traders and speculators should be looking to buy gold and gold stocks on the break above $1900.
There is no better time than now to buy gold stocks.
Over the past two days, the gold price in the United States has surged higher and bounced off the bottom that was put in place back in late 2016.
This is an important move for the gold price because it broke above the uptrend line that was put in place since the June 2016 lows and it put in place a short-term top in the yellow metal.
Gold did not go straight up over the past two days. It was a choppy and bullish pattern. The bottom was taken out and it is up roughly 11% since the lows.
The one ounce 22ct gold price spot price was at US$1,731.50, compared to the US$1,647.45 price on January 31.
During a trading update during a visit to Ballarat’s Crotty & Johnston Jewelers today, Federal Treasurer Scott Morrison noted that “gold is the one true measure of global inflation”.
This update from the Treasurer was recorded in the Annual Report and Financial Statements 2018.
Federal Treasurer Scott Morrison also noted that the one-kilogram gold spot price in Australia was US$1,598 per ounce, compared to US$1,596.50 a day earlier on January 31.
Crotty & Johnston Jewelers will now officially open for 2021 and Australia’s first retail gold and jewelry store in Ballarat.
Oil prices in USA
According to information from OPEC, the rise in the global oil price since June last year had prompted some buyers to re-route cargoes from the Mediterranean to North Asia, bypassing the United States.
oilpricez.com is set to pump more oil in June than in May, at an average of 1.25 million barrels per day (BPD), industry sources said on Tuesday.
The increase is set to further help the country’s state oil company cover a hefty budget deficit, just days after the first shipment of the year arrived in Italy.
The rising production from the OPEC country will also add to the global supply overhang as Libyan crude is still priced lower than another crude.
Libyan oil output has recovered to 1.25 million barrels per day, up from about 1.0 million BPD in early April, an industry source said on Monday.
“A second tanker is expected to arrive in Italy next week bringing supplies from Libya,” an Italian shipping source said, adding that the first one, the Quint, had come in last week.
The rise in Libya’s output, which had fallen to a 14-year low of just over 100,000 BPD in February 2016 after armed militias closed off pipelines, may further complicate OPEC’s efforts to support oil prices.