The spot price of gold

Well, talk about volatility, here’s a chart of the spot price of gold for the last month:

gold spot price

On March 1, 2022 I wrote“With what’s happening with Russia and Ukraine, I would personally think that we would be well over $2,000 an ounce for gold by now. Sure, gold is a little over $1,900 an ounce as I’m writing this, but, also Russia has just announced that they’re putting their nuclear arsenal on alert!

This makes me wonder that once we see a cooling down of the Russian Ukrainian conflict, we might see a substantial drop in the gold and silver prices. Just perhaps, if such a drop occurs, it might be an exceptional buying opportunity either through stocks, ETFs or the physical metal itself, to get into the market so you could have at least a small percentage of your investment portfolio in precious metals.”

The spot price of gold

So, today, looking back on the movement in the spot gold price, I’m certainly grateful that I followed my intuition and liquidated my long position in a major New York Stock Exchange gold exchange traded fund.

Now, I’m thinking that the pullback we’ve seen at this time, with no clear end in sight to the Russian Ukrainian conflict, personally, I’m feeling that there’s a distinct possibility that the spot price of gold could go much lower from where it is today. Actually, I wouldn’t be surprised that once a negotiated peace deal is announced between Russia and the Ukraine, the spot gold price could actually dip below $1,800 per ounce!

Keep in mind, that my outlook is just pure conjecture based on my own intuition. So, naturally before making any type of investment consult with your financial and legal advisors and draw your own conclusions on which way the gold market may move.

Right now the entire world’s economy is in turmoil. There are many many factors that affect the spot price of gold. As we’ve seen in my example above, the only certain thing we can say about the spot price of gold, is that it is volatile! So, if you’re thinking of making an investment in the precious metals market, be sure to buckle up for what seems sure to be a very rough ride!

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