Gold Has This Striking Similarity to Last Year

Kitco News -- Gold prices are higher Thursday, hitting a six-week high, and have moved above the key psychological barrier at $1,200. "What is interesting is that we are now seeing some similarities between the beginning of 2016 and the beginning of 2017,"said Gary Wagner, publisher of goldforecast.com. "Gold prices had been under tremendous pressure throughout the 2015 calendar year, with prices culminating at a four-year low at $1,050 an ounce. The low seen at the beginning of 2016 was the net result of a multi-year correction, which began after gold had reached its all-time record high of $1,900 an ounce. The low that was achieved at the end of 2015 and the beginning of 2016 turned out to be the lowest price gold traded to since October 2009," he explained. February Comex gold was last up $7.90 an ounce at $1,204.60. March Comex silver was last up $0.117 at $16.945 an ounce.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.