2024 has been an especially good year for commodities so far, where gold (GC=F) and silver (SI=F) prices continue to climb and crude oil (CL=F, BZ=F) has even pierced above $90 per barrel. Bloomberg Intelligence Commodity Strategist Mike McGlone explains the price action patterns seen in the commodity sector.
"What's really unique about gold is it's the only major commodity that usually goes up over time that's really making new highs versus the other commodities that are kind of bumping up against ranges," McGlone tells Yahoo Finance. "But what's really unique is there's been significant outflows in gold ETFs, but they have reached a level now that's pretty good supported. I think it's about time those outflows look to inflows, which would accelerate the gold rally."
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#gold #commditymarketupdate #yahoofinance
"What's really unique about gold is it's the only major commodity that usually goes up over time that's really making new highs versus the other commodities that are kind of bumping up against ranges," McGlone tells Yahoo Finance. "But what's really unique is there's been significant outflows in gold ETFs, but they have reached a level now that's pretty good supported. I think it's about time those outflows look to inflows, which would accelerate the gold rally."
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
- Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
#gold #commditymarketupdate #yahoofinance