Demand for gold bars and coins has jumped by an estimated 38 percent year-on-year to 163 tons through the first nine months of 2024. That’s the highest level since 2013.
On the four month gold cycle chart, the next low in the cycle comes around Dec 14 and the next high comes near the Chinese New Year peak at about Feb 5, 2025.
Gold took a nasty hit last Monday, November 25 as gold (and silver) had a mini-heart attack over stronger PCE prices and the ongoing resilient U.S. economy. Gold fell 3.5%.
So, while I know you are hearing many who are looking for 5000, 7000, and even 10,000 in gold in this rally, I strongly doubt that potential at this time.
While there can be long phases when contrary indications are in place but stocks continue to rise or remain aloft, public sentiment will always be over-bullish at important market tops.
