Morning JAVA: Gold Hits Record $2,400 / Silver At $29!

Morning JAVA: Gold Hits Record $2,400 / Silver At $29!

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Boy, I'm almost afraid to blink because if I do, I'll miss seeing gold hit yet another record intraday high. As I write, gold is skirting the $2,400 mark. Just in the last 2 months or so, gold has shot up about $400 per ounce and it certainly appears like it's not letting up. U.S. PPI and CPI numbers came out earlier this week which basically told us inflation is ramping up again. It's also got speculators wondering if there will be a rate cut by the FED later in June or not.

Kitco Gold Chart - April 12, 2024 - New Intraday Record High $2400

Gold's close cousin silver, asleep at the wheel since 2021, has awakened with a vengeance. It has something to do with China and especially India buying up most of the available silver for solar panel manufacturing. In fact, India's silver shopping spree can only be described as, 'astonishing'. February imports shattered records, surging about 260% for a total of 2,295 metric tons compared to just the month before with 637 tons imported.

The year 2023 was no different. India imported 3,625 tons of silver. They've already imported over 2,900 metric tons just in the first two months of this year. This isn't leaving much silver left over for us little folks to buy. If you're looking to buy silver, it would be best to do so as soon as possible as it may become unobtainium fairly soon.

Below is the one month chart for silver. It's climbed about $5 per ounce during that time. Silver, through 'derivatives' pricing has seen its dollar value controlled below $30 for the last decade or so, to the the benefit of manufacturers of solar panels and cell phones but to the detriment of the miners that produce the raw materials. Sure looks like they're finally losing control. Is it time to invest in precious metals miners again???

Kitco Silver 1 Month Chart - April 12 2024

Oil too has been 'barreling' upward in price by about $10 in the last month. Along with the stupid, ridiculous carbon tax on gasoline here in Ontario, Canada, prices are averaging $1.63 per liter. That's well over $6 per gallon. So the price of oil is going up while they're taxing the shit out of it too! I just don't see how that could possibly be good for any economy. Let me know how much you're paying for your petrol these days...

Kitco WTI Oil Chart - April 12, 2024

You know what else is on a tear? The U.S. dollar! It just shot up to 106.003 after languishing at around the 104 mark since early February. It's likely the high price of oil that's propping up the dollar. While WTI is still below $90, Brent Crude is about to hit $92. I expect we'll have $100 oil before summer hits, especially if Iran does retaliate against Israel. Something like that would lock up the Middle East entirely and would surely drive oil prices much, much higher. Actually, count on everything to get more expensive (and hard to find) if the Middle East erupts in war.

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Bitcoin is fluctuating as usual but still holding strong just below $70K at time of writing. I think today's a good time to buy a few more Satoshis. The next halving occurs any day now. Historically, Bitcoin does very well before, during and afterwards. Anxious to see if this rings true over coming weeks. Do you think we'll see $100K before summer? Let me know your thoughts in the comments section below.

Kitco Bitcoin Chart - April 12, 2024

This is my first post in several days as I took a break to focus on other things, like the Grand Solar Eclipse that occurred on April 8th. Still, my blog continued to get an average of 500 hits per day during the lull. For that, I say 'Thanks for your support'! Cheers!

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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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