If you look at the balance sheets of many of the largest banks, you will see we have a ticking time bomb. We only saw the tip of the iceberg with the recent banking failures.
Gold is set for its first weekly drop in a month, largely fueled by resilient labor market numbers reported this week which have quelled investors’ expectations of a rate cut as soon as March.
A prolonged break under $1,975 for gold could signal more downside to come. The large patterns formed over the past few years still suggest to us that the next major trend is to the upside.
Gold’s breakout upleg into nominal record territory is set to accelerate in 2024. New records generate bullish financial-media coverage putting gold back on investors’ radars.
