| Gold’s close above $1,200 an ounce may mean a lot more than you think. Future prices for the metal rallied Thursday, with the August contract surging $25.20, or 2.1%, to settle at $1,202 an ounce on Comex, the highest close for a most-active contract since May 22.
To be sure, the rally was impressive. It was the largest single-session point and percentage gain in about five weeks. But the fact that prices have rallied above $1,200 is a milestone in its own right. The rally above that level comes at a time when gold prices tend to mark a low for the year, according to Frank Holmes, chief executive and chief investment officer of U.S. Global Investors. They sometimes then climb by up to 20%, Holmes told MarketWatch...............................................Full Article: Source
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