The day before Thanksgiving is giving gold investors plenty to be thankful for this morning as a disappointing decline in consumer confidence levels amid the continuing surge in US case loads means there is an opportunity to buy happening right now.

The latest figures from the US Conference Board show a notable dip in November, with the index coming in at 96.1, down from the 101.4 figure recorded in October. A reading of 98.0 had been expected. This missed target coincided with a fall in the Expectations Index, which tracks consumer sentiment on the labour market, business and income in the short term, and the Present Situation Index which monitors the labour market and business outlook.

The decline in these indexed promoted a risk-on surge which saw the stock market rallying, giving gold investors a valuable window to buy at £1,350 ($1,801). In the longer term, the declining consumer optimism is good news for gold as it reinforces its safe haven status and stable source of wealth, with Lynn Franco, the Conference’s Board’s senior director saying, “Consumers noted a moderation in business conditions, suggesting growth has slowed in Q4. Heading into 2021, consumers do not foresee the economy, nor the labour market, gaining strength. In addition, the resurgence of COVID-19 is further increasing uncertainty and exacerbating concerns about the outlook.”

Move quickly to buy now.

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