The importance of buying on the dip has been emphasised by a number of analysts lately and, if you haven’t acted before, there is another window to buy happening right now. Yesterday (Thursday) saw gold prices fall back slightly from the almost eight year high we reported in our mid-week bulletin on Wednesday. This means that rather than buying at the high of £1,432.28 ($1,796.10) you can now buy at £1,413.36 ($1,772.91) – but only if you act quickly as this expected and entirely routine corrective action isn’t going to last long.
Acting quickly to buy now is important as reports suggest that the rate of COVID-19 infection is rising at a worrying pace once again, with some saying the increase has been fuelled by easing restrictions too quickly. According to the Financial Times, “The US had its biggest increase in new coronavirus cases since the pandemic began as seven states — including California, Florida and Texas — reported record one-day increases.” There was also the largest daily number of deaths in more than a week, leading some states to impose quarantine restrictions for out of town visitors.
Wall Street has reacted nervously to this new data, with the Financial Times adding “US stocks recorded their worst declines in almost two weeks on Wednesday, as a rise in coronavirus cases and the prospect of new tariffs on European goods unnerved markets.” This favours gold prices and gives the bull run another boost, with safe haven demand looking certain to return in full force over the coming days.
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