GOLD SETS NEW RECORD ALL-TIME HIGH OF $2,741 PER OZ

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Why has Gold been on a run since Sept 1st when it was trading at $2,497 until last Friday when it closed at $2,722 per ounce, up $225 (9%) in less than 2 months? What are the main drivers of this rally?

1. The wars in Israel/Lebanon/Iran and Ukraine/Russia are driving increased safe-haven buying on Middle East and European markets as well as from physical Gold sellers.
2. Interest rates are dropping in Europe, Asia and the United States.
3. Uncertainty about the upcoming U.S. Presidential election and concerns about the policies that would drive spending and show little inclination toward fiscal restraint.
4. Optimism about the coming Chinese stimulus package that would put trillions of dollars into their economy.
5. Continued heavy buying by many of the world’s largest central banks as well as other leading worldwide financial institutions.

What adds to Gold’s impressive close on Friday of $2,722 is the fact that it has accomplished this with the U.S. Dollar Index trading at 103.50 – up 3% since the start of October, which adds 3% to the Gold price for Euro, Yen, and Yuan buyers.

Gold traders still anticipate actions by Israel on Iran. Any military attack by Israel on Iran’s nuclear facilities, oil or gas sites, or military installations would quickly send the Gold price higher.

Today: This morning during Asian and middle east trading, Gold stayed between $2,718 and $2,733 per ounce, trading on heavy volume. As trading moved into Europe and the U.S., the price of Gold reached $2,741 buying before seeing some light short-term profit taking.

At the close of last Friday’s trading, it was impressive to see that the Gold price was up 32.4% since the beginning of 2024, but what is more impressive is that the Silver price is up 39.3% this year.

Many of the same factors that are driving Gold higher are also helping Silver rally, especially
the concern about U.S. fiscal spending going crazy. This is a driver of inflation, and inflation has a more direct effect on the Silver price than on the Gold price.

BofA has stated that both leading U.S. presidential candidates—Kamala Harris and Donald Trump—show little inclination toward fiscal restraint. In fact, "policymakers strongly favor fiscal expansion" globally, the bank points out.

Last week I was saying we needed to see Silver hold above the $32 per ounce level to stay short-term bullish. Last Friday, Silver never looked back and broke above the $33 level.
It closed at $33.60 per ounce, up $2.08 for the week. The Silver-to-Gold ratio has dropped to 81.2-to-1.

Today: This morning during Asian and Middle East trading, Silver stayed between $33.50 and $34.20 per ounce, trading on heavy volume. As trading moved into London and the U.S., the price of Silver moved higher, reaching $34.34 per ounce before finding sellers.

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