Markets are moving quickly at the moment. Only 9 days after Gold Broke Market Structure to Move Higher it has pushed ahead confidently to take out the previous All-Time-High. It is now threatening to go through the $2800 USD level and it's not really clear where the next point of Resistance will be. It's exciting times for Gold Bugs and stackers of the shiny stuff.
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Some pundits are already talking about $3000 USD as being the next big target and that is starting to look like a reasonable call even if it's purely from a Technical Analysis perspective. I'm not so sure, but with clear sky above for Gold I'll probably put the TA aside for a little while and try to refocus on some Fundamental Analysis.
The Federal Reserve has once again come out recently to pour cold water on the prospect of more Rate Cuts but then Chairman Powell is apparently making Dovish Comments so once again there are mixed signals coming from the Central Banker of the US. Bank of Canada has just cut by 25 Basis Points and the US President is clearly putting the pressure on for lower rates.
Meanwhile in London there are reports of a Gold shortage as the minimum wait time to load gold out of the Bank of England has just reached 4 weeks. Apparently there is a lot of gold being moved out of London to New York and there is some noise as to the reasons why. For me it's fairly obvious that the UK Government is a disaster in progress and the smart money is probably getting their gold out to a more accommodative jurisdiction.
Regardless I am pretty happy with my recent portfolio adjustment to add some more Gold and will be content to watch the Bull Market in Precious Metals resume in 2025 if that's what we're seeing. I'll be keeping an eye out for a potential Smackdown that could happen in the lighter overnight trade especially as the weekend looms, but my gut says the horse may have already bolted and I'd expect decent support at $2715 even if a smackdown is attempted.
Yes, I'm hearing the same LBMA story from the Silver Academy and Mr. Andersen of SD Bullion about the longer lead times in physical delivery of Gold. Time to get out of Dodge. I'm glad pulled the trigger before this recent leg a few days ago making my Dollar Cost Average purchase of gold and silver.
Maybe that long anticipated negotiated peace in the Russo-Ukraine war may just be the ticket to shave off some of the Metals Price, maybe not.
I think the 3k is possible, with some more war scare, Trump scare and inflation. Especially inflation - that has always fuelled bullion prices. Because why keep investing in fiat money based assets if inflation eats up the gains while the risk factor is still there? With bullion (but only real physical) you can just lean back and wait. That has worked for thousands of years.
Oh no! Are they saying that the price of a The US dollar is going to drop to 1/3000ths of an ounce of gold?
You know how small that is? Like, you take the bar, make it the thickness of tinfoil, and you turn that into confetti. Just one of those is what a dollar is equal to.
I got scolded by my wife for not buying the gold when it was still below 2K USD, but I had something else in mind at that time, now I just take her scolding. hahaha
it is crazy to think that gold can reach that high. I hope that I still could catch the train when I have the fund.
I really think metals are going to have a great year.
Gold has finally broken resistance, expecting a big pump. Silver should follow Gold in the same vein.
It is going to be an interesting year, I think geopolitics will play a big role here
Gold is flying! I am expecting to see where it goes next.
We have a long way to go, before the Melt Value of Gold reaches $90 per ounce... I mean 9,000 per ounce in today's Fiat USD's...
ahhhhhhh, the sage words of Powell. :P well, GO GOLD! I hope gold keeps on climbing, and then crashes big time so I can buy some.. 😉😁👊
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