The so-called ‘January effect’ – a phenomenon where stock prices generally rise early in the year – has been studied and debated for decades.1 And while its prevalence seems to be waning, it remains a popular internet search term… in January.2 Similarly, investors often ask us if the gold price is subject to any seasonal effects.3 We last wrote about this in the July edition of our Gold Market Commentary. And the short answer is that gold tends to perform well, on average, in both January and late summer.4 The January effect is, statistically, the strongest.5 Since 1971, gold has had an average return of 1.79% in ... (full story)