Gold investors are probably growing increasingly frustrated... While gold prices are at 8-year highs this week, the price of gold just can't seem to crack the $1,800 threshold. Not that this necessarily implies bad news for the economy. In fact, recent data suggests the United States is on an economic mend following several months of dire news stemming from the COVID-19 pandemic and its acute wrath on the employment and consumer spending scenes.
Just today, the Labor Department reports 4.8 million new jobs were added this past month in the United States and that the unemployment rate has fallen to 11.1%, down from 14.7% unemployment in April 2020. This positive news takes some pressure off gold prices, which crested to approximately $1,790 yesterday, July 1. This morning, gold fell to below $1,760 before recovering some of its early trading losses.
Precious metals speculators should take any softening in the gold prices as a buying opportunity. Gold coins are one of the safest and most highly liquid forms of gold, with common-date pre-1933 United States gold coins offering some of the lowest premiums, gram for gram. American Gold Eagle bullion coins are another popular vehicle for gold ownership, and they come in convenient fractional sizes of a tenth-ounce, quarter-ounce, half-ounce, and one-ounce.