The gold price could not make much progress this week, but this is not a cause for concern after it jumped above the $1,800 mark last week and is currently trading at $1,846 per ounce.
Strong U.S. economic figures pushed down the gold price towards the end of the week, but there have not been large losses. Economic figures there were also reported from Germany where the producer price index (PPI) has risen to 18.4%! Inflation is thus further on the rise. Europe is currently experiencing the next COVID wave with some countries going to a new lockdown.
Now many will ask when gold prices will respond to rising inflation? Well, things that seem logical don’t always happen right away. The gold price could already increased last year and is currently in a consolidation phase with a rising trend. Gold investors who remember earlier gold bull markets will probably look quite relaxed on the further price development.
Gold producer stocks were down for the majority this week. This could be a new opportunity for investors who want to participate in the gold market to put their favorites for a favorable price in the portfolio. Gold producer stocks are a good alternative to participate in the gold market with leverage. How did the stocks perform this week?
Gold Mining Stock Performance
Gold Fields Limited (NYSE: GFI): Gold Fields Limited is a South African company based in Johannesburg. The company has nine mines in operation. They are located in Australia, Peru, South Africa, West Africa (including the Asanko joint venture), and Chile’s project.1
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