Chinese demand played leading roles in fueling both gold’s recent monster record bull and popular speculative mania into late January. That left gold at its most-extreme overboughtness in 46 years.
Once again, the wild rollercoaster ride of precious metals prices exemplifies the classic dynamic of speculative overheating followed by a healthy correction within a secular bull market.
Ira Epstein discusses the current state of the metals market, highlighting a slight rally in the evening and the geopolitical tensions involving the U.S. and Iran...
Ira Epstein discusses the current state of the metal markets, highlighting declines in gold, silver, and copper, and the recent volatility in copper prices.
Gold still finished the week higher, reclaiming the $5,000 level as cooler U.S. inflation data lifted expectations for Federal Reserve rate cuts and pressured Treasury yields lower.
We’re seeing a rebound in the precious metals, as the gold price is once again back over the $5,000 per ounce mark, while the silver futures are up $2.21 to $77.89.
Gold has good support down to $4,500 but $4,300 can’t be ruled out. We’d like to see that hold. We don’t want to see gold break under $3,800 as that would suggest that the bull is over.
