A final dip to my $1900 buy zone for gold would be just what the doctor ordered for gold bugs of the world before the super surge to $2200 begins.
It will remain difficult in metals until gold breaks through $2090. It's difficult for the banking cartels to keep gold suppressed with the dollar in the declining phase of its intermediate cycle.
Gold is up 1.5% for the week so far. I would assume we would see pretty good resistance show up in this market now at $1980.80 which is the 18-day average of closes.
The gold market is no longer over $2000, it's back down to the 1950 level and silver is down about a dollar from its peak.
Positions as of Tuesday, November 7, 2023
China topped its gold holdings for a twelfth straight month in October, adding to a wave of purchases by global central banks that has lent support to bullion prices.
Gold, spooked by a hawkish Fed is struggling once again, keeping our thoughts of significant cycle lows alive as we head towards year end. We feature silver as our chart of the past week.
‘Course, given Gold’s valuation by Dollar debasement is now 3706, ’tis clearly requisite toward maintaining one’s bridge to wealth security.
The stock markets have already started rolling over again, with extreme bubble-level valuations exaggerating downside risks. So prudent investors are diversifying.
Gold miners dig the anti-bubble out of the ground. They produce the thing that stands outside the system; a system that has been corrupted by bubble making for 20 years.