Although we still have one more trading day left on Monday, Gold is on track to post it's best quarterly close in almost 4 decades. On Friday, gold reached a new record (spot) high of $3,088 before ending the day at a new record weekly close of $3,085.
Judging by the image below, courtesy of kitco.com, there appears to have been multiple attempted 'tamp downs' throughout the day, referring to short sellers dumping paper onto the markets to quell prices. In spite of their efforts, gold jumped right back up almost immediately and seems poised to smash through $3,100 handle next week.
(Gold Chart Courtesy Kitco.com March 28, 2025)
According to a post uploaded to Kitco yesterday, gold has now seen a whopping 18% gain so far this year. The rally we are witnessing is the best quarterly rally going back to July, 1986!
KingWorldNews just uploaded a great article which points out the massive 'cup and handle' that has formed for gold going back 53 years (The chart can be seen here). This is extremely bullish for gold.
The month of March in particular has been especially kind to gold. March saw a weekly gold close above $3,000 for the very first time plus multiple new high prices both in spot and futures, including just in the last two trading days. In fact, June gold futures closed the week at a record $3,126!
What's driving gold prices higher. Economic uncertainty and the threat of tariffs, along with geopolitical issues certainly have something to do with it. Debt might be playing a part as well. According to Visual Capitalist, world debt has exploded to over $315 trillion.
Alas, something is amiss as central banks have been jumping over each other, buying up as much gold as they can. Between 2021 and 2024, central banks (China, Russia, India, even Singapore) have purchased combined totals exceeding 1,000 tons each of these three years, which is unprecedented.
Now, we are seeing massive amounts of gold moving from London vaults over to New York. COMEX inventories are now at their highest level, surpassing the previous high in 2020 at the height of the lockdowns. According to InvestingNews.com, a record 151 metric tons of gold were transferred from London to New York in January alone.
The powers that be are getting ready for something big, really big. Maybe we should all be getting ready too. Having a little physical gold in your possession seems like a very good idea right about now.
Gold mining stocks which have been struggling these last several years should see their stock valuations explode higher as retail investors pile in. Keep a close eye on quarterly statements next month. They will likely show fantastic improvements to their balance sheets.
Check out more great posts at my new website, morning-java.com, including 'Dr. Copper Continues To Hit New Highs'. Yes, copper hit a new record high earlier this week as well.
