While gold makes fresh all-time highs, silver is nowhere near its nominal highs of 1980 and 2011 near $50. The gold stocks also remain well down from their nominal highs in 2011.
A rebalancing selloff is overdue. Gold is likely to power higher on balance through 2024’s winter rally. American stock investors finally chasing gold should fuel big gains.
While gold has surged as rates have rallied, a breakdown from this huge H&S top for rates could usher in frenzied Western money manager buying, sending gold straight to $3000-$3300.