This isn’t a time to buy more gold when gold likely continues to rally. Buying mine stocks produce fiat profits in a short time. Then, these profits can be converted from fiat to gold!
Gold’s pre-Christmas five-day gain at least by historical comparison is a great gift for the yellow metal going into next year. Joyeux Noël! Give the gift of Gold!
Gold is forging into new nominal record territory, which will attract investors. Gold miners’ stocks are cheap fundamentally with earnings exploding as gold powers higher.
Although Gold is hovering around all-time highs, the precious metals sector will remain in a secular bear market until the stock market and the economy crack.
The US government (already a debt, fiat, and war-oriented mess) will now borrow even more fiat and use it for long-term management of the Suez shipping traffic.
The recent break low is $2029.20. You have the pattern of higher lows, and higher highs. So until that number is taken out, I'm bullish on gold. The trend is up.
I think a “reasonable” target for the rally into 2024 would be the 4883-5163SPX region. And as the market takes shape in the coming weeks, we can probably narrow that target down a bit.
