Monthly Analysis Report
June 2024
Gold Price - May 2024
(Prices per ounce)
Start: $2,286
Close: $2,329
Average: $2,310
Highest: $2,450 (20-May)
Lowest: $2,286 (1-May)
MAY 2024 GOLD SPOT PRICE (US DOLLARS PER OUNCE)
Highlights
During the month of May, gold continued consolidating the gains obtained during April, rising from a minimum of $2,286 / oz on May 1st to an all-time-high price of $2,450 / oz on May 20th, followed by an 10-day period of consolidation and a moderate decline towards the end of the month, closing at $2,329 / oz.
The balance of the month was a solid + 1.87% increase in price, equivalent to + $43 / oz. In its highest point of the month ($2,450 / oz, May 20) the gold price was + 7.2% above its lowest level ($2,286 / oz, May 1st). The average gold price during the month of May was $2,310 / oz.
As of May 31st, 2024, gold's pricing accrued performance is:
1-Month: + 1.87%
6-Months: + 14.38%
Year to Date: + 12.89%
1-Year: + 18.66%
5 Years: + 80.79%
In the News
With stocks and bonds facing increased risks, independent asset management firm, Incrementum AG, released "Mastering the New Gold Playbook" introducing the new 60/40 portfolio, with an optimal 25% allocation on gold.
On a similar note, Frank Holmes, CEO of U.S. Global Investors made the case on Goldseek.com on how "The safe haven” of choice is shifting from U.S. Treasuries to gold".
Gavekal Research recently introduced a novel technical approach to "Valuing the Gold Price", citing the need for two reserves of value, one based on full property (gold), and one on partial property (equities).
Quote of the Month
"Gold is the money of kings;
Silver is the money of gentlemen;
Barter is the money of peasants;
But debt is the money of slaves."
Norm Franz
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