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Gold just hit a new all-time high in Asia's overnight trading.
Yes, that's almost $2,140. Friday's close at $2,071 was a record breaker while the day before, on November 30th, gold had its highest monthly and weekly closing on record. Now, we see gold smashing through its previous high.
In the last weeks or so, the dollar has lost about 2 and a half points but still holding well above 103.
Oil is below $80. I read somewhere recently that for certain oil producers, $88 is needed for sustained profitability.
Gold's move tonight begets something going on in the background. This article suggests the market is calling Fed Chair Powell's bluff. The next FOMC meeting might result in a surprise? We'll find out soon enough.
Gold jumped almost $70 just now and that in itself may be a record intraday jump. Will we see a $100 jump? That would be nice, huh? Yet, be careful what we wish for too.
Silver isn't reacting much... for now...
A major supply squeeze is brewing in the silver sector. Worth keeping an eye on. Those new solar panels over the next few years will need hundreds of millions more ounces per year as the industry grows to support the green movement. A multi-year silver deficit is ongoing. This year's deficit is expected to hit 140 million ounces by year end. It's also prudent to remember that where gold goes, so does silver.
It's a powder keg!
I got my seat belt on.
Peace and love to everyone!
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