Gold is rallying because it is measured in declining dollar values and because it is the safe haven of choice now that central banks are ditching the dollar.
Can the gold short derivative positions engineered by the U.S. and U.K. governments no longer be covered because there simply isn't enough gold available to those governments anymore?
In truth, gold’s most recent rise has less to do with excitement and more to do with fatigue. Markets are showing the strain of too many unresolved pressures.
We are starting to see the chaos in the gold and silver market, and this will likely only speed up in a similar manner to the 1979 gold and silver rally, when prices went vertical.
Gold is up over 87 percent since January 2024 and is knocking on the door of $4,000 an ounce. But even with the rapid price surge, Miller said gold is not overpriced.
