Gold's Record Quarter!
Since March 1, gold has smashed through no less than 18 records including intraday, daily, weekly and monthly close. With Thursday's record close above $2,233 before the markets closed for the Easter holiday, gold breached no less than 5 records on this one single day. Thursday also marked the last trading day of the first quarter of 2024, earning gold an 18th record! Gold closed at a record high on December 31, making it two record quarterly closes in a row.
By some accounts, some say gold went just above $2,250 for a record intraday high. According to the chart below, gold went to about $2,236 before retreating about $3 before the close.
Gerald Celente, trends expert and publisher of The Trends Journal, tweeted on March 29 to expect gold to go higher. He warns that war will only continue, driving gold prices ever higher. I recommend following Celente to keep up with the trends because he's way ahead of the game. He knew why gold was spiking on Thursday and to expect war escalation on the weekend. On Saturday, we got word that Israel attacked Syria in the worst attack in a few years. He was right on the mark!
I recommend listening in on the latest weekly market wrap up at KingWorldNews with guest Alasdair McLeod as they discuss gold soaring to new highs and what's happening in the silver markets. Silver remains at unusually depressed prices. While things appear quiet, there's a lot going on behind the scenes according to McLeod. He also expects mining shares to go up as well.
So yes, keep a close eye on silver. It seems it's the last thing on the planet that's not yet affected by inflation. Is silver the next big buy? The first quarter was dominated by gold's price action. We might just see silver dominate the next quarter as it has a history of outperforming gold which it definitely did not do in the first quarter. With India and China scooping up most of the world's silver supplies, there may not be much left over for us 'little people'. If you want to buy silver, do it as soon as possible. The made up words 'unaffordium' and 'unobtainium' may well end up in dictionaries of the future as real words as it directly related to silver's availability.
Looking at the US dollar, it's been range bound for the last 5 days or so and is presently at 104.538 while WTI crude oil has climbed more than 2% overnight to $83.17 while Brent Crude climbed 1.86% to exactly $87 at time of writing. OilPrice.com released an article yesterday titled, ' Is it time to abandon the idea of phasing out oil and gas?'. I would think so. It was a bad idea to begin with.
Gold and oil prices are closely and positively correlated. Both commodities rising at the same time should come as no surprise. Remember when oil prices went to $150 in 2010 / 2011? That's also when gold went to new record highs of about $1,945 in May, 2011. On March 1, oil was half its previous high and I believe oil, like gold, is on its way to new record highs. In fact, I think gold's record quarterly close on Thursday is a sign that higher oil prices are indeed on the way.
Bitcoin is holding well at $70.585K. We are now counting down the final days before the next halving occurs. It will make mining Bitcoin twice as expensive to harvest. I'm expecting this to push prices beyond $100K eventually. We'll find out soon enough.
Stock markets are flying high too. The Nasdaq, S&P 500 and the Dow Jones Index all closed at or near record highs on Thursday. I guess they're all anticipating a FED rate cut by June???
The world is on fire!
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