Both bullion bulls and bears can take comfort from recent trends in the gold price – provided they look at the right chart.
Today’s trading so far has not been encouraging, as the price is down 0.19% at $1,217.70 a Troy ounce.
But seeing the monthly picture, that price is an improvement on the $1,185.30 seen on 1 October.
Price points don’t tell full story
Alas, the trend during the last three months would seem to offer more cheer to the bearish tendency. was trading at $1,22.75 on 1 August.
There is more gloom for gold-bugs from the picture during the last year. On 1 November 2017, the price stood at $1,279.25.
One final time-machine trip, back to 1 November 2013, when the gold price was $1,314.75.
On the face of it, the yellow metal has seen a slow but steady decline in price over five years, losing nearly $100 an ounce, or 7.4%.
So, fans of gold bullion as an asset class would probably be well-advised to keep their eyes fixed on the monthly price chart, wouldn’t they?