Over the weekend, the 60-day truce between the United States and Iran came to an end, and no replacement for this Memorandum of Understanding has been put in place. Not a single oil tanker transited through the Strait of Hormuz on Sunday, and crude prices immediately rose to $89 a barrel. However, the price of gold hardly moved, with the precious metal trading around $4,400.
Overall, gold prices are freeing themselves from the oil surge shackles that held them back and the market seems to be positioned for an upswing as soon as a notable catalyst materializes. However, as producers of gold like Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) know from extensive experience in the market, nothing is guaranteed in terms of timing and…
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