With gold hitting yet another awe-inspiring all-time high in the wake of Powell’s remarks reassuring markets (more or less) to expect rate cuts in 2024, a few analysts are pointing out risk factors for a correction — so is there really still room to run?
On Sunday, Peter recapped a stellar week for gold. He also provided an analysis of President Biden’s State of the Union Address and criticized Fed Chair Jerome Powell’s perspective on the economy.
The Federal Reserve will play a pivotal role in the upcoming election and aim to boost President Biden or another Democratic candidate.
The big action in silver occurred early in the month, making March a pretty large outlier. First, it continues the recent trend of increasing deliveries. Second, deliveries were 8.7% of the max open interest for the month. This is the highest percentage since July 2020 when prices took off. There are still 24 open interest contracts remaining.
The latest seasonally adjusted inflation rate for November was .76% month over month, with a non-seasonally adjusted annual rate of 6.81%.
These numbers were generally in line with mainstream expectations that have finally gotten high enough to match the blistering hot inflation numbers coming out month after month.
Gold and silver delivery requests from the Comex neared a 1-year high in November.
Note: This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail. Additionally, numbers from Comex for December 1 are still preliminary as of publishing. Numbers may change some.
Gold finally broke through the $1,800 resistance after yet another sizzling hot CPI read. Could $1,900 be next?
The analysis last month and the month before showed that a breakout in the price of gold looked to be very close.
It happened!
