Why Gold Prices Suddenly Exploded Higher

Panic returned in a big, big way in August 2019.

All as a drop in global bond yields raise concerns about a slowing economy.

In fact, the 10-year Treasury yield had just fallen to its lowest level at 1.595% after starting August 2019 above 2%. That move narrowed the yield curve, a widely watched recession indicator. “A sharp decline in yields as the 10-year note falls under 1.65%. This is raising the ‘Fear Factor’ over the impact of the trade war on the economy,” Peter Cardillo, chief market economist at Spartan Capital Securities told MarketWatch.

Those yields began to plummet following a bigger than expected rate cuts from central banks in New Zealand and India, and unexpected easing from Thailand, as well. All underscore growing concerns about a sizable slowdown in global economic growth.

Of course, gold was a big winner.


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As fear grips the market, investors are heading back into the safe haven of gold. In fact, it’s why gold prices just hit $1,503 an ounce for the first time in six years. With a good amount of uncertainty in terms of global economic growth, gold could see further support.

Some of the biggest gold stocks seeing sizable momentum include:

Barrick Gold Corporation (NYSE:ABX)

ABX explores for and develops mineral properties. The company primarily explores for gold, copper, and silver deposits. It holds a 50% interest in the Veladero, a gold mine located in Argentina; 50% interest in the Kalgoorlie gold mine located in Australia; 95% interest in the Porgera gold mine located in Papua New Guinea; 50% interest in the Zaldívar, a copper mine located in Chile; and 50% interest in the Jabal Sayid copper mine located in Saudi Arabia. The company also owns gold mines and exploration properties in Africa; and various projects located in the Americas and Africa. 

Newmont Goldcorp Corp. (NYSE:NEM)

NEM operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Surinam. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles. 

Or, we can even look at a gold ETF such as the SPDR Gold Shares (NYSE:GLD), which is the

Largest physically backed gold exchange traded fund (ETF) in the world. 

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