Sirwin
Sirwin
Gold Closed At Record High On March 1, 2024

Gold Closed At Record High On March 1


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Although it was reported in the media, there was little fanfare to the fact that gold closed at a record weekly high on Friday, March 1, 2024 at spot $2,082 while April futures also closed at a record high of $2,095. On February 1, gold peaked at $2,060 before tumbling to about $1,987 by February 14th after positive CPI and Jobs numbers came out. Also, wording from the FED suggested there won't be any rate cuts soon, pushing gold's price down even further.

Seeing its best weekly gain since November, gold began to rally on Thursday after the FED's preferred inflation gauge showed a slight rise in consumer prices. On Friday, the US Commerce Dept., released revised numbers for the fourth quarter, 2023 and showed that GDP was slightly less that originally stated.  

Gold reacted accordingly...

Gold - March 1, 2024

This pushed the US dollar down almost half a point to 103.885 while oil soared. WTI crude is just 3 cents below the $80 mark while Brent is over $83 per barrel. There's so much going on that it's difficult to keep up. I try my best to add as many reference links as possible so readers can ascertain for themselves what's really going on.

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The big winner in the last week has been Bitcoin. Exactly one month ago, Bitcoin was at $43,000 (almost to the penny!). This morning, Bitcoin's price is $62,286. That's an almost $20,000 increase in just a month! We might see some headwinds though. Nigeria is suing Binance for $10 billion, accusing Binance of setting up an unofficial exchange rate, causing serious currency issues. Nigeria claims that the platform enabled some $26 billion in untraceable outflows as their currency, the Naira crumbled. Executives have been detained and passports seized. Expect this story to gain momentum as time rolls on.

Going back to gold, I've been stating since January that gold has a new bottom at or near $2,040. The big resistance point now is $2,088. After Friday's big move, gold climbed above its 50 day moving average, a very bullish sign. Are we to see $2,100 soon? It's time to start paying attention to precious metals, I think.

The underdog in this story though... is silver! It's still less than half its 1980 high. Silver stand to become the most valuable metal on the planet and it's on sale right now and possibly for the last time.

Silver - March 1, 2024

The US debt continues to climb. In January, the debt surpassed $34 trillion. Since then, the debt has risen by about half a trillion dollars. Trust me when I say the money printing will resume, probably by the month of June. When the interest payments exceed the Pentagon budget which also continues to rise, then Houston, we have a big problem! Look at how much is owed by each citizen. It's simply unsustainable.

US Debt Clock

Got Gold? Got Silver? Got Bitcoin? Got food? We're entering a nasty period, like the previous few years weren't nasty enough. Get prepared now. Stock up with the extra things you'll need like batteries, soaps and water containers. It appears the dollar is reaching the end of its cycle which is a mathematical certainty regardless. Better to be ahead of the game by a few months than to be even just one second too late.

 

Recent Posts

Gold below $2K 1st time in 2 months.

2023 worldwide gold demand hit record 4,899 tons.

Central banks bought 1,037 tons golf in 2023.

FED holds rate steady 4th month in a row.

 

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SweptOverNiagara
SweptOverNiagara

Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.


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