The gold price bounced back on Friday, regaining some of the ground lost yesterday when upbeat comments on the US economy from the Fed strengthened the dollar and sent gold in the opposite direction.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery last traded at $1,335.40 an ounce, up less than $5 an ounce from yesterday's close, but off sharply for the week.
On Monday the metal hit a high above $1,380, the best level since June and up 14.8% since the start of the year.
The 2014 rally in the price of gold has not convinced most bears, and Business Insider quotesGoldman Sachs on Friday reiterating its call for gold to fall to around $1,050 an ounce by year-end due to a recovering US economy and rising interest rates.
"While we see clear catalysts for the recent rally in gold prices, this move has been large relative to US real rates which are a key input into our forecasts and benchmarking of gold prices.
To read this post in full please click here.
The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal?
If you would like to know which stocks we are buying and selling please join us at ‘Stock Trader’ our premium investment service.
Subscribe for 12 months with recurring billing - $199
Buy 12 months of subscription time - $199
If you are new to investment in the precious metals sector then you can subscribe of our FREE newsletters regarding gold stocks, silver stocks and uranium stocks, just click on the links and enter your email address and we will email you our articles along with other interesting posts.
Please remember to check your spam folder once you have subscribed to ensure that our verification email has not gone astray and you are getting our emails.