Tuesday, August 2, 2016

Gold fills the gap and has now moved up to its best price in three weeks

Over the past two weeks, the gold price had fluctuated between $1300 and $1330 as the post-Brexit rally appeared to stall a bit from its move towards $1400 per ounce.  But as we noted here in a previous post, the lull in gold moving higher appeared to be due to the markets waiting for buyers to fill the gap, and sellers to finish taking some profits.

Since the end of last week, gold has moved back up over $1350 and is on its way towards crossing the two year high of $1374 that it achieved within the past two months.  And if it can sustain that price, there is little resistance between here and around $1420.

Gold traded at a three-week high in London Tuesday on the back of a weaker dollar and uncertain timing for a rate increase by the US Federal Reserve. 
Spot gold traded up 0.40 per cent at $US1.358.78 per metric ton in midmorning European trade, its highest point since July 11. 
The WSJ Dollar Index, which measures the dollar against a basket of other currencies, was trading down 0.33 per cent on Tuesday. A weaker dollar makes dollar-denominated commodities, including gold, more affordable for investors who hold other currencies. 
Gold has risen in recent days on the back of a weaker-than-expected 1.2 per cent growth in the US gross domestic product in the second quarter. - The Australian


Car racing and watches: such a seemingly ever-young combination, tirelessly perpetuated by the countless automotive-inspired watches released year over year. Despite the highly saturated segment, there actually are very few watches that can pull off this racing vibe and omega replica remain wearable for the times when, you know, you are not driving your Porsche 550 Spyder on the twisty roads along the Côte d'Azur. The Chopard Mille Miglia 2016 XL Race Edition promises to be one of these few, offering a mix of subtle Mille Miglia branding and not-so-subtle vintage replique montre racing-inspired design elements. Let's see how it performs - not on the race track, but on the wrist. Sounds like a magnificent time to be had... Yet, somehow, I have always felt that while it is a race based on admirable heritage and a genuine appreciation of vintage race cars, the number of Chopard watches and cartier replica dedicated to it, as well as the emphasis placed on plastering Mille Miglia everywhere on most of said watches, was a bit overkill for many prospective buyers who would otherwise have liked the design, price point, and quality of Chopard's racing-inspired rolex replica timepieces. It has to be a terrific race, no doubt about it, but I always wondered if its fan base was as large and as dedicated to the event as it would need to be to justify previous Mille Miglia watch designs.

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