Morning JAVA: Gold Skyrockets But Look At Oil Too!

Morning JAVA: Gold Skyrockets But Look At Oil Too!

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Gold hit a record high just above $2,200 last Thursday to cap a record smashing first quarter along with multiple record intraday, daily, weekly, and monthly highs for 18 total broken records that I can count. Yesterday, just as the clock struck midnight April 1, gold punched through to $2,265 for a new record intraday high. At time of writing. gold is at $2,276 so we have yet another record intraday high. That brings the total record breaking count to 20 just since March 1. 

It now appears gold is set to breach $2,300 possibly before the day is over. Geopolitical tensions are only getting worse after Israel broke international law by bombing the Iranian Embassy in Syria yesterday. The Russians are not happy at all.

Kitco Gold Chart - April 2, 2024 - $2,270+

Now, word is out that a missile fired from Ukraine hit Russia's third largest oil facility. Although there are no injuries reported, this takes about 14% of Russia's refining capabilities offline for the foreseeable future. The Russians are really not happy at all. Surprisingly, the Americans  aren't happy about that either and had previously warned Ukraine not to fire on Russia's refineries but they did anyways and now Kiev is getting rebuke from both Russia and the USA!

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What isn't surprising is the rising cost of oil. Americans are headed for a federal election in November and their government knows that high oil prices will not look good on Joe Biden's camp. Since the beginning of February, oil has climbed some $10 per barrel. Expect fury from American consumers as gasoline prices rise ever higher.

Kitco WTI Chart - April 2, 2024

In Canada, the fraudulent 'carbon tax' on gasoline increased by 33% on April 1. Already, protests are underway. Truckers and farmers have begun blocking roads to cause disruptions. As a Canadian, I can tell you this issue is not going away soon. Expect tensions to get worse in Canada. It's almost as if they want us to rise up and freak out. Is it so they have an excuse to bring in the Emergencies Act again? This is what fueled the trucker protest in Ottawa two years ago.

I filled up last Friday before the new tax increase came into effect. I can only wonder how it'll feel to fill up next time just to pay more for a fraudulent tax. I don't believe there is a climate change issue. The weather hasn't gotten worse. It's our reporting on it that has increased. Like never before, we can learn of a hurricane in progress on the other side of the planet in real time or a snow storm in Calgary or a flood in Germany. 

The nonsense isn't stopping there. Toronto's new mayor Olivia Chow, a career politician, is pushing to instill a rain tax on Torontonians. Yes, this is real. Her motive is that if rain falls on your property, it must then go into the costly sewers and managed. Is Toronto now a mirror image of New York or San Francisco???

Like income tax wasn't enough. Like sales tax wasn't enough. Like ecotax wasn't enough. Like air tax wasn't enough. Like carbon tax isn't enough. Personally, I think the rain and carbon taxes are what pushes Canadians over the edge.

Are you on the edge?

Alasdair McLeod in his latest interview on KingWorldNews believes gold is head to $3,000. There's no reason now for gold not to! Click here to listen in.

As for oil, keep a close eye on it. reports that bullish bets on gasoline futures have hit a four year high. Futures.... that means that a month or two or three down the road, gas prices will only be higher.

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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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