Gold's Five Day Winning Streak!
History is unfolding before our eyes. Since Thursday last week, gold has been on a phenomenal tear. By 6 pm last night, gold had broken 8 of its own records. The list is quite impressive and truly historical:
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 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. The yellow metal would go on to close at $2,126.30, beating the previous day's record close.
On Wednesday, 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.
Then, yesterday (Thursday) gold saw impressive gains similar to the previous two days. Gold once again breached its all time high with an intraday high of $2,164.40 and closing the trading day, once again with a new record closing high of about $2,159. It's very difficult to get an exact number. In total, gold has breached its own record highs 8 times since last Friday's close.
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. Or, is it because financiers know a liquidity crisis is brewing as the REPO market winds down? Or, could be the loud banging of war drums? Or the commercial real estate crash? First, it's a few things. Then, it's many things at once.
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Would you believe that as I write, gold just hit a new intraday high? Check out this screen shot I just took.
Gold's winning streak did not end last night. By about 4 am this morning, gold has already shattered the previous day's intraday high but at around 9 am it suddenly jumped into $2.18K territory. Many might say, 'we're in need of a correction'. I beg to differ. Gold is finally playing catch up. Yesterday, I showed how a Bitcoin whale dumped 1,000 Bitcoins in an hour, sending the price of Bitcoin tumbling from its new record high by at least $8K. This whale took in $68 million. Where do you think this whale will park his newfound wealth? Likely, property and precious metals!
Here's the one month chart for gold to give some perspective of this history making rally (as of last night)...
So, I'll be announcing again this weekend that gold broke yet another all time high today and more than likely, we'll have another record daily close but since this is the end of the trading week, we'll likely see two record weekly closes in a row. It sure feels like 1979 again!
In the meantime, pay attention to the dollar. It's fallen almost 2 points since gold began to rally last week. Also keep an eye on oil. WTI Crude oil has risen from about $72 per barrel one month ago to $78.62 at time of writing.
Silver, on the other hand, continues to lag behind and is still less than half its 1980 high of $50. I must point out that $50 in 1980 was worth a lot more than $50 today, due to inflation. Yet, here's silver at less than $25 per ounce in today's inflationary world. I have a very strong feeling that I'll be writing a lot about silver over the next few weeks and months as it plays catch up. I'm expecting $30 silver any time now. What comes next is anyone's guess.
Lastly, I must give Bitcoin honorable mention. It is recovering nicely.
Also, yesterday, I announced that I've 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 Morning JAVA posts will have an official home.
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