Prices and Charts
Iran Launches Missile Attack on US Base in Iraq
Happy New Year – we hope you had a relaxing holiday, or – if you’re lucky – are still enjoying one!
As far as gold and silver go, this holiday break has been much more eventful than most. While most Kiwi’s were at the beach, a US Air Force drone took out a prominent Iranian General visiting Iraq.
Gold had already been rising sharply since Christmas. But the assassination really got gold moving. Now as we write Iran has launched a retaliatory missile attack on a base in Iraq housing US forces.
Gold is currently motoring even higher. By the time you read this our numbers may be out of date. So check the latest spot prices on our charts page.
The charts below are for prices at USA close this morning. So they are now well out of date. Currently the NZD gold price is at $2428. Not very far from the all time high around $2450.
While in US dollars gold has broken through $1600. This is the highest price gold has been at since early 2013.
We are now into overbought territory on the RSI. So normally a pullback would be expected. However it’s now likely that things will escalate between Iran and the US. So gold could head higher yet.
What will happen from here? Check out our feature post below for answers to how war affects the gold price.
Silver Also Flying
Silver was also heading higher prior to the US drone attack. Although silver was lagging gold. However over the last couple of days silver has been playing catch up. In fact silver is up 9.26% since our last update just before Christmas. Versus gold which is “only” up 7.59%.
Again the closing price on the silver chart below is out of date. In NZD dollars silver is priced at $28.33 as we type. Having clearly broken out of the descending wedge or flag pattern. While in US dollars silver sits at $18.75. Silver is also getting close to overbought. But while gold keeps rising silver will too.
NZ Dollar Now Pulling Back After Steady Rise
The New Zealand Dollar continued its rise into the end of 2019. However since New year it has pulled back sharply. The US Dollar continues to strengthen with the Iran/US troubles too. So since our last update on 18 December, the rise in the Kiwi has only slightly diminished the rise in local precious metals prices.
Need Help Understanding the Charts?
Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:
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How Does War Affect the Gold and Silver Price?
The post below has been getting a lot of traffic since the weekend. It puts into perspective what the long term impacts of conflict and war are on the price of gold.
You’ll see how various past wars have affected the gold price. Plus we have a punt on what the current skirmish with Iran will do to gold…
Gold & Silver Performance: 2019 in Review & Our 2020 Guesses
It’s also time for our annual gold and silver performance review. You’ll see how gold and silver performed in NZ dollars over 2019. But also over the longer term too.
We also review our predictions made at the start of 2019. Along with making a few for 2020.
Your Questions Wanted
Remember, if you’ve got a specific question, be sure to send it in to be in the running for a 1oz silver coin.
While these ructions between Iran and the USA continue, gold and silver prices are likely to be very volatile.
So if you’re looking to buy you’ll likely need to confirm any quote pretty quickly before prices change too much.
It’s anyone’s guess as to whether this skirmish evolves into something bigger. Hopefully not. But check out this week’s feature post so you know what to expect if it does.
Otherwise get in touch if you have any questions at all…
- Email: [email protected]
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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