Monthly Analysis Report
September 2024
Gold Price - August 2024
(Prices per ounce)
Start: $2,448
Close: $2,503
Highest: $2,530 (20-Aug)
Lowest: $2,375 (5-Aug)
AUGUST 2024 GOLD SPOT PRICE (US DOLLARS PER OUNCE)
Source: TradingView
Highlights
August, usually a quiet month for precious metals, proved to be a solid one for gold. Following a strong monthly performance in July, gold posted a healthy gain in August, finishing the month at $2,503 / oz. Gold started the month with a rapid increase in price followed by a quick decline, which led it to its lowest level of the month at $2,375 / oz on August 5th. From that point on, gold continued a solid upward trend, reaching another new all-time-high at $2,530 / oz on August 20, and closing the month above $2,500 per ounce for the first time ever ($2,503 / oz on August 31st). The balance of the month was a solid + 2.27% increase in price, equivalent to + $55 / oz.
As of August 31, 2024, gold's accrued price performance is:
1-Month: + 2.27%
6-Months: + 22.46%
Year to Date: + 21.35%
1-Year: + 29.05%
5 Years: + 63.89%
In the News
Bloomberg's "Gold Is Rising Because of Demand for ‘Fallback Money’" article analyzes the drivers behind gold's current bull market, leading it to hit fresh records in all major currencies and beating all the major stock markets in the year to date.
In "The Optimal Gold Allocation - How Much Gold Does Your Portfolio Need?", Lichtenstein-based Incrementum AG, makes the case for a 14% - 18% gold allocation as optimal from a risk-adjusted return perspective.
"Investors should 'go for gold' as Fed rate cut looms, Goldman says" article on Yahoo Finance explains the rationale behind Goldman Sachs' recent "long gold" recommendation.
Quote of the Month
“I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counter-party signature.”
Alan Greenspan
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