According to Bank of America, gold has been creeping higher and they keep a call that the yellow metal should hit $3,000 per ounce once a sustained cutting cycle gets under way.
I anticipate confidence in this [S&P] bull market will reach new extremes, and when it peaks, few will expect anything but a continuation of the trend.
The result was gold soared to another new all-time high, closing at $2,646. $2,700 is on the radar. Nothing like an aggressive rate cut by the Fed to get things going.
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.
