Gold Surges Another 7% This Week – Largest Gain Since 2008
By: Mark O’Byrne, GoldCore
GoldSeek.com
Friday, 12 February 2016
Gold bullion jumped 4 percent yesterday to $1,244.20/oz, its biggest single-day percentage rally since 2013. For the week, gold is 7.2% higher which is its biggest weekly gain since the global financial crisis in 2008.
Gold and silver have benefited along with high credit government bonds from a rush to safety as investors worry about the health of banks, the banking system and the risk of a global recession. Gold is now 16.7% higher year to date. Analysts and traders see more gains ahead as the weakness in equities is likely to continue.
Silver is 6.3% higher for the week bringing year to date gains to 14%. Both look over valued in the short term and are due a pullback. Prices could continue to rise, making dollar cost averaging prudent. Buyers should be getting into position to buy on the next dip.
Bullion dealers around the world, including GoldCore, have seen a surge in demand for gold and silver. Buyers, who had been waiting for signs that the market had bottomed and a clear uptrend for the precious metals, are allocating funds now. There are some first time buyers coming into the market but demand is mostly coming from bullion buyers adding to allocations.
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