GLD trades above $4,700; best-month run since 1999
SPDR Gold Shares (GLD) trades above $4,700 early Monday, marking its highest level since May 13 and tracking toward its best month of gains since September 1999, up roughly 14% in August.
Gold prices are now on track for their best month of gains since September 1999.
Bullion — tracked by the SPDR Gold Shares (NYSE: GLD ) — traded above $4,700 early Monday, the highest since May 13, and is up roughly 14% in August.
The last time it moved this fast, fifteen European central banks had just signed a pact promising to stop dumping their reserves.
Gold rose then because governments agreed to stop selling it.
This time the trigger was fiscal, not monetary.
The Treasury Department’s plan to at least double buybacks of long-dated government debt pushed yields and the dollar lower, reviving demand for assets that cannot be printed.
On Monday, the 30-year Treasury yields fell by 4 basis points to 4.22%.
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