GOLD CONTINUES TO SET ALL-TIME RECORD HIGHS

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	Gold Futures Soar To Historic Highs
	On Thursday, gold futures soared to record levels, with the June contract breaking through the $2,200 per ounce mark... Damian Nowiszewski
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	Preview Chartbook of the In Gold We Trust Report 2024.... Ronald-Peter Stöferle & Mark J. Valek
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	Silver has ran into a bit of gravity during the session on Thursday, as traders are likely to take a bit of a break from the momentum trade.... Christopher Lewis
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	Gold’s roughly 8% month-to-date rally has room to grow with the precious metal poised to hit $2,300 an ounce by year-end... Ines Ferré
	Silver Discovers Gravity
	Silver has ran into a bit of gravity during the session on Thursday, as traders are likely to take a bit of a break from the momentum trade.... Christopher Lewis

Many of the world’s largest Gold mining companies have recently been hedging their future Gold production by selling into the commodity futures markets. Last Thursday, the last active trading day for the week, the Gold market for December delivery was trading over $2,300 per ounce. This allows the mining companies eight months to deliver their Gold at a great price.

Gold closed Thursday, the last trading day because of the Good Friday holiday, at an All-Time record high of $2,322 per ounce. That was up $179 (8.7%) for the month of March. I would expect to see the early Monday morning trading in Asian markets to continue the Gold rally.

The current demand for Gold has overshadowed mining company hedging, profit-taking from traders and investors, and a stronger U.S. Dollar. Gold has broken above the $2,200 resistance level and is in an explosive phase into untested ground. I would like to see Gold trade above $2,200 per ounce for the month of April. This would allow Gold to consolidate recent gains while building a firm base for a move to my projected target price of $2,400 by year-end.

Physical demand remains at record levels from Central Banks and concerns about the Geopolitical problems caused by the wars in the Middle East and Ukraine are driving buyers to consume hundreds of tons of Gold.

This coming week, with many key U.S. economic indicators being released, could be an incredible week for the Gold price. This week we will see ISM manufacturing, U.S. auto sales, U.S. trade balance and both nonfarm worker payroll and the current unemployment rate. All of these are indicators the Federal Reserve follows closely when thinking about lowering interest rates.

Today: Gold went crazy in overnight trading in Asian markets last night. The Gold price reached a high of $2,266 per ounce on light selling and strong buying. When the market moved into Europe, we saw selling and the price quickly dropped below $2,250. As the market rolled into the U.S. the Gold price reached a low of $2,228 per ounce. At the lows we saw fresh buying, driving the price up to $2,238 per ounce.

Silver traded above $25 per ounce most of last week, but couldn’t close above $25. This is very disappointing, considering Gold traded above $2,200 per ounce last week. Many professional commodity traders have been short selling Silver above $25 and covering those short-sales in the $24.75 or below range. Silver needs to stay above $25.50 for a couple of days to hopefully give it a bullish look. Silver closed last Thursday at $24.95 per ounce, up $2.29 (10.1%) since the beginning of March.

Today: The higher Gold price helped drive Silver up to $25.44. But Silver dropped to $24.69 when we rolled into the U.S. markets and the U.S. Dollar Index rallied above 105. Right now, Silver is trading above and below the $25 level.

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