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MorningJAVA: Gold Shatters Records 4th Day In A Row

Morning JAVA: Gold Shatters Records 4th Day In A Row


PublishOx - Earn crypto for blogging

Gold's Four Day Winning Streak!

 

Gold has been on a tear since last Thursday. Today marks a full week for gold's extraordinary rally. By the end of the trading day on Friday March 1, gold closed at $2,082 for a record high weekly close. On Monday, gold managed to close above $2,100 for the first time ever for a record daily close of $2,116. During Tuesday's trading day, gold managed to breach its previous intra-day high of about $2,144 set on December 1, 2023. The spot price of gold hit $2,150.50 to set a new intra-day record high. 

Gold wasn't satisfied with just one record for Tuesday. The yellow metal would go on to close at $2,126.30, beating the previous day's record close. Gold broke two records in a single day! After just three trading days, gold shattered four records.

I guess four records broken is still not enough for gold. Yesterday, during the fourth trading day of this record braking run, gold once again hit a new intraday all time high of $2,152.67 as well as a new record closing high of $2,148.62. I find it difficult to get an exact number. The screenshot below was taken just as gold once again took out its all time high.

Kitco Gold Chart - March 6, 2024

This gold rally is believed by some to be fueled by the massive central bank gold buying spree. 2022 was a record haul for central bankers, well over 1,000 tons while 2023's haul was only about 40 tons shy of breaking the previous year's record. 2024, by all accounts is set to be another banner year for central bank gold accumulation.

 

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As I write, Gold has just hit a new all time high of $2164.70 just after 8 am this morning so it looks like I'll be writing another post tomorrow morning announcing gold's fifth day winning streak.

Kitco Gold Chart - March 7, 2024 8am

As of this morning, gold has broken seven records... in less than 5 business days! If today's gains hold, gold will see another record closing high later this afternoon. At the very least, we have a new all time high as of this morning and you saw it here first before anyone else! 

Another thing, I found out why Bitcoin crashed right after hitting its new all time high, thanks to Milk Road's newsletter. They included this image. It explains clearly. They pack their newsletters with some great information you might not find anywhere else. Click here to sign up. It's totally free.

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I'm so excited with gold's historical rally but it's not just gold and Bitcoin that's rallying right now. So is Uranium! I guess nuclear power isn't going away any time soon!

Finally, I have great news. Yesterday, I was able to secure ownership of a new web domain name, www.morning-java.com and soon, it will be up and running (later this Spring) and my MorningJAVA posts will have an official home.

Here's to a great cup of coffee in the morning! See all MorningJAVA links below.

 

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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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