Gold price pushes well above $2,000, much more upside possible – by Jim Wyckoff (Kitco News – August 5, 2020)

(Kitco News) Gold prices are sharply higher and hit a record high of $2,048.00, basis October Comex futures, in early U.S. trading Wednesday.

Silver prices are also sharply higher and hit a seven-year high of $27.195, basis September Comex futures. October gold futures were last up $35.00 an ounce at $2,043.50. September Comex silver prices were last up $0.987 at $27.03 an ounce.

Gold and silver are continuing on a bullish rampage. Both metals continue to see support from safe-haven demand amid the worrisome rise in Covid-19 infections, geopolitical developments and concerns about problematic price inflation in the coming months.

As the U.S. Congress appears to be getting closer to a new round of government stimulus payments to Americans, such would only add to the massive influx of liquidity into the world financial system, which has created the inflation concerns.

Global stock markets were mostly up in overnight trading. The U.S. stock indexes are pointed toward higher openings when the New York day session begins, including a new record high in the Nasdaq stock index.

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