Gold settled at an All-Time Closing High of 2647 Friday. With a record intra-day high of 2651, Gold trades at a -29% discount to its 3727 debasement value.
Gold should’ve blasted higher, since Fed rate cuts have proven so bullish for it historically. Speculators’ gold-futures positioning ahead of the Fed was really overextended.
Given the new proposal announced by the Fed, these efforts of the banking lobby were successful. We have already shared our thoughts about this unprecedented lobby campaign.
Their late-to-the-party buying could trigger a parabolic blowoff, but one that could see gold rise to not only the inverse H&S pattern target of $3300 but to $4000 or $5000.
