The price of gold has surged more than $30 in the last two days to $1,510 an ounce.
As I have written earlier, gold is an important component in the China tariff talks. Part of the currency reset with China, has gold moving higher as a counter measure to raising the value of the yuan by some 20%.
Asian investors are also jumping into the gold market to offset currency losses happening now. The “ancient relic” as naysayers label gold, has seen 5% jumps over the last 7 trading days.
I am interested to see if gold can close Wednesday above this important psychological marker. We shall see