Sirwin
Sirwin
Gold's December to Remember

Gold Closes At Record Year End High


December has been an exciting month for gold. On Friday, December 1, 2023 gold went above $2,070 for a new record daily close after languishing at about $1930 most of the previous month. It gave me a sense that something was up behind the scenes. Was it the Reverse REPO market? Was it the complete destruction of Gaza bu the IDF? Was it CPI or PPI numbers?

Spot Gold - December 1, 2023

When I went online the following Monday morning, I was shocked to see this! Gold actually went up another $70 or so to $2,144 for a new record intra-day high. Trading opens in Asian markets while we're sleeping here in the Western part of our world.

Spot Gold - December 3 2023

What followed though, didn't shock me at all. The money shakers did the best they could to push gold back down, resulting in the third biggest intra-day move in gold's history. By the 12th of December, they managed to smack gold all down into the $1,970 range.  I detailed this in a couple of posts written at the time that you can see here and here. That amounts to about $170 drop in less than two weeks. Not normal!

Gold - December 5 2023

Then, on the 13th, gold made a sharp $40 move upward and it's been a steady upward climb since. This occurred on the day the FED announced they were holding rates steady for the third consecutive month at the end of their monthly FOMC meeting. Hmmm, are they worried about something??

Then, on Wednesday December 27, gold once again closed at a record high around $2,077. It's difficult to get an exact number as I see different numbers on different websites but I do try to be as accurate as possible.

Spot Gold - December 27, 2023

The chart below shows gold's performance through the month of December. At Friday's close, gold broke a few records. I wrote about it on Wednesday, pointing out that we we headed for a record yearly close. Look at what we got...

Spot Gold December 2023

The end result is a record intra-day high right on the first day of the month followed by two record daily highs throughout the month, along with record weekly, monthly and yearly closes for gold. I guarantee you this will go in the history books as 'The December To Remember' for the yellow metal. According to MacroTrends.net, Gold has risen by 13.08% this year. Not as good as the doubling over of Bitcoin but it appears gold is now a favorable investment. Costco sold $100M worth of gold bars in their last quarter and now word is out that Walmart is getting into the game.

Central banks have been buying gold by the boat loads this year, on track for record purchases. We'll know early in the new year what those numbers are but I can tell you, it will be an astronomically high number. I wrote about this in the previous quarter. You can see those details here. What do they know and aren't telling us?

Now that the big box stores are getting in on the action and selling to the public, competition will drive prices higher. How much higher, only time will tell but it's a sure thing now.

The USD's strength isn't doing so well either. Early in October, it was above 107 on the DXY. As of this morning, the USD sits just above 101. What does that tell you?  This is a massive drop in a span of just a couple of months and is not a healthy sign. Also, the U.S. national debt is only some $40B away from hitting $34T. The debt increase has gone exponential and is unsustainable.

I'd like to point out that all the major currencies around the world have suffered record lows against gold in 2023, including the Yen, Yuan, Australian and Canadian dollars, the British pound, Indian Rupee and of course, the U.S. dollar. 

As for buing gold from Walmart? Well, the Waltons are already stinking rich. Consider buying from a reputable dealer that's been in the business for decades, like Miles Franklin. Either way, I recommend investing in precious metals as part of your wealth diversification plan.

January is usually a good month for gold. In fact, gold has an excellent track record for good performance during this month. OilPrice.com just put out a report stating, 'Why January could be a good month for gold'. Going back to year 2000, gold has had positive returns in the month of January 70% of the time. The charts I've shown above is an excellent indicator that this January will be a January like no other, just as we witnessed in the month of December.

Time to buy gold! See reference section for more information.

Update: Several hours after publication, I came across this article on KingWorldNews that pointed out that gold also just had a record quarterly closing high as well. Amazing! 

On a final note for 2023, this is my last post of the year. I'd like to thank everyone at PublishOx for your incredible support. December was a great month as I surpassed 400 followers. I've gotten so many hits, likes and tips in 2023 and it encourages me to write more. I'm grateful to be a part of this fantastic community. To everyone at PublishOx, I wish you all the best that life can offer in the new year, 2024!

Happy New Year!

Peace and love to everyone!

PublishOx - Earn crypto for blogging

 

Previous Posts:

Gold on track for a record yearly close.

Argentina now accepts Bitcoin to settle contracts.

Your P.C.: Good airflow and fire prevention.

Kitco News experiences 'cyber incident'.

Have you seen PublishOx's stats lately?

Bank of England + ECB hold rates steady.

FED holds rates for third consecutive month.

New Milestone: Surpassing 400 Followers!

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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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