Year-to-date, the gold price has risen from last year’s settle at 2072 to as high as 2709, to settle the week Friday at 2681. That is a net year-to-date gain of +29.4%
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.
