Sirwin
Sirwin
Spot Gold - November 28, 2023

Gold Surpasses $2,040! Holy Cow!!


Thanks for dropping by. Please subscribe if you haven't yet!

Time for a quick update regarding gold and silver. I've been biting my nails since last week when gold clipped the $2,000 mark a couple of times only to be smacked down again by hedgers and those playing the derivatives market. I kept thinking to myself, 'Should I or shouldn't I' as to publish an update, especially after Friday's close at $2,004. Still, I waited a few more days, waiting for a smackdown in the gold price to occur, as has happened countless times before.

Well, after this morning's sudden jump higher in the gold price, it's time to send out a message that gold is officially at 6 month highs. Just yesterday, Kitco news put out an article stating that gold was nearing a 6 month high and questioned whether a breakout was imminent and it looks like that question has been answered. Gold now sits at $2,037 per ounce.

The U.S. dollar which peaked at 107.068 on November 1 has since been on a steady downward trajectory to 102.77 at time of writing. Some readers might recall that last July, the dollar tanked to 99.75 before a monumental rise to 107.162 that ended on October 4. Days later, the Hamas / Israel conflict broke out. The dollar has struggled ever since.

The CPI numbers were released the week before last and showed that inflation was up 3.2% through the year ending in October and decelerating from the previous month, a sign of 'disinflation', where inflation continues to rise but at a slower pace. This was seen as a positive sign by some which pushed the dollar up, albeit only slightly. The dollar though, is clearly running out of gas. The $33.833T national debt and trillion dollar interest payments on that debt are not helping the situation at all.

There's always so much more to this story but that has been so successfully orchestrated to be as confusing as possible for us little minions to understand that most of us are left just scratching our heads, wondering WTF is going on.

Then, there's silver, the most widely used and definitely the most important metal that allows us to enjoy all the modern tech we use today. It should be at $150 or higher but continues to languish below $25 per ounce. Bix Weir of RoadtoRoota.com points out that 200 million ounces of silver will be needed next year, just for solar panels as part of the so-called green movement. Just for solar panels? If this really is the case, the solar panel industry will need 1 billion ounces of silver over the next 5 years to fulfill their quotas. I agree with Bix when he says this will be EXPLOSIVE for the price of silver. Yet, here we are...

Spot Silver - November 28, 2023

Future historians may very well study our behavior in our time and wonder why the heck didn't the masses buy even just a few ounces of silver when the opportunity was there, at such low prices. I can tell you what will happen. Once the price surpasses $50 for an ounce of silver, then the masses will rush in and pay ever higher premiums, driving the price up ever higher and the dream of gaining possession of an ounce of silver for less that $25 spot will become just that, a dream.

Having a quick look at Bitcoin, it is at 12 month highs, briefly surpassing $38,000 last Friday before dropping to a low of $36,770 yesterday. At time of writing, Bitcoin appears set to breach $38,000. With the dollar weakening and gold gaining strength, I suspect this will drive Bitcoin higher. If the dollar falls another point, I expect Bitcoin to top $40,000. It'll probably happen before the week is over but don't listen to me, I'm no expert.

Turning to oil, the OPEC+ group of countries are set to meet and there will be a big push to cut oil production once more. Led by the Saudis, production cuts have been ongoing since last spring and by the end of the year, the cut will total approximately 1 billion barrels. I had expected oil to rise significantly as a result but strangely, the oil price went down instead to below $80 for Brent Crude since the summer. Was it because of the strong dollar these last few months? Likely...

This morning, Brent is up 2.46% to $81.95 per barrel (bad weather) but the looming OPEC+ meeting along with an update of the U.S.A.'s oil inventories will drive oil price movements this week, according to OilPrice.com. Unfortunately, I still expect oil prices to rise, especially if tensions in the Middle East aren't de-escalated.

 In closing, by the time I got to writing this paragraph, gold rose a bit further, surpassing $2,040 per ounce. Keep an eye on gold!

Spot Gold - November 28, 2022

That's it for now. Winter's just about here. Are you prepared? You should be because this is likely to be a winter we won't soon forget.

Peace and love to everyone!

(See reference links below for more information)

 

Subscribe to my blog and hit the 'like' button if you enjoyed this post.

I'm now also on Substack with new podcasts. 

Previous Posts:

The 25 best selling albums of all time.

Greatest hits albums dominate Billboard Top 200

U.S. Gov. now pays $1T in interest!

Bitcoin erupts higher on ETF expectations.

Gold at all-time highs against Yuan.

The gold backed digital token is here!

November historically positive for Bitcoin.

Modern Technology's unprecedented silver demand.

Central bank gold buying spree not slowing down.

 

These sponsor links help support my blog. Thank you!

Buy Silver! Visit my eBay channel.

Milk Road - Bitcoin price in real time

Earn free Bitcoin using CryptoTab Browser.

Secure your crypto and get $10 in Bitcoin - Ledger Nano X

Bitify - Buy and Sell Bitcoin marketplace

Videvo - Professional Quality Videos

Tips are always appreciated. Thanks!!

How do you rate this article?

29


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.


The Brave New World
The Brave New World

This blog is dedicated to healthy discussions on a wide range of topics. Please subscribe to receive notices when new articles are published. Thanks so much for your support.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.