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.
In the gold market for the weekly chart of closes, you can see how the market is staying up. And notice this market has been staying up on a weekly basis ever since September.
Gold has traded long enough over $2000 to justify as buy on crash strategy. 2023 will be first of the many more years in which spot gold will close over $2000.
Gold is headed for a weekly gain in a market dominated by the Federal Reserve’s strongest indications yet that it will pivot to easing monetary policy next year.
Gold and precious metals have been languishing, but there are positive signs that they are perking up. Could gold and oil's day in the sun soon be upon us? The signs are good.
Historically, silver tends to do well in the later stage of a gold rally and usually hits a new high. That means silver will likely test the 50-dollar mark and is likely to exceed it.
Pros and rubes alike are throwing money into an S&P 500 index that is so beyond overvalued. Our sense remains “Look Ma! No Money!” shall be the ultimate crash driver.
