Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold jumped 0.8% to close at a four-week high near $1,323 as concerns about slowing global growth and an inverted yield curve for US Treasurys pushed investors into safe havens.

US and global equities fell, with Dow sliding 0.2% and he Global Dow 0.6%, as traders digested Friday's round of weak manufacturing data. Eurozone PMI reports showed Germany's factory output plunging to a six year low as the Eurozone overall slips to the brink of recession. US data was also weak, with the flash manufacturing PMI dropping to a 21-month low.

The market showed little response to Attorney General William Barr's summation of the completed Mueller report on possible links between the Trump campaign and Russia, which found no evidence of coordination.

The yield curve on spreads between 3-month US Treasury bills and 10-year notes inverted last week for the first time since 2007, meaning short-term bonds are yielding more than medium term bonds. The last nine such inversions have prefigured recessions, according to San Francisco Fed data.

When investors have confidence in a growing economy, they typically demand higher yields for tying up money for a longer term; when they lose confidence in growth, they pour into the safety of 10-year Treasury notes, driving down yields.

Former Fed Chair Janet Yellen, speaking at conference in Hong Kong, said the inverted yield curve is more likely to signal a rate from the Fed than a recession. Falling rates would weaken the dollar, supporting gold in turn by making it less expensive overseas.

The other precious metals were also higher, with silver rising 1% while platinum and palladium climbed 1.2% and 1.8%, respectively.

At the Comex close: April gold gained $10.30 to $1,322.60; May silver rose 16 cents to $15.57; April platinum picked up $9.30 to $857.70; and June palladium climbed $27.90 to $1,543.40 an ounce.