Gold spot surpasses > $3120

[pmbug]

Gold funds posted ~$3 billion of inflows last week, the second largest on record.

This is more than TRIPLE the average amount seen over the last few weeks.

Massive inflows fueled gold prices which have rallied 33% year-to-date and are on track for their best year since 1979.

As a result, gold is currently trading with new record high market cap of $18.4 trillion.

All while central bank gold reserves as a % of the total currency reserves reached 12.1%, the most in over 3 decades.

Everyone is piling into gold.

https://x.com/KobeissiLetter/status/1850978874521170001

[68Camaro]

Yep, crossed 2800 a couple of times, and dollar still over 104. Still looking for a close over 2800 in spot. Don't think it'll be long. Come on silver!

[68Camaro]

SInce this thread is (to some extent) about Gold Futures, here is where the current market thinks gold is headed:

Gold (NYM $/ozt) Last Chg Open High Low Date/Time
Front Month $2,735.20 -3.40 $2,745.50 $2,756.00 $2,734.20 Nov 1, 2024 12:55 p.m.
Gold Nov 2024 $2,735.20 -3.40 $2,745.50 $2,756.00 $2,734.20 Nov 1, 2024 12:55 p.m.
Gold Dec 2024 $2,743.60 -5.60 $2,743.50 $2,757.50 $2,739.40 Nov 4, 2024 12:13 p.m.
Gold Jan 2025 $2,756.60 -5.00 $2,754.30 $2,767.10 $2,754.30 Nov 4, 2024 11:49 a.m.
Gold Feb 2025 $2,766.80 -7.10 $2,768.40 $2,782.00 $2,764.90 Nov 4, 2024 12:13 p.m.
Gold Apr 2025 $2,787.20 -7.30 $2,784.60 $2,802.40 $2,784.60 Nov 4, 2024 12:13 p.m.
Gold Jun 2025 $2,809.20 -6.50 $2,808.60 $2,822.00 $2,807.40 Nov 4, 2024 12:11 p.m.
Gold Aug 2025 $2,830.40 -3.90 $2,828.10 $2,837.80 $2,827.90 Nov 4, 2024 11:46 a.m.
Gold Oct 2025 $2,850.50 -3.20 $2,850.50 $2,850.50 $2,850.50 Nov 4, 2024 3:05 a.m.
Gold Dec 2025 $2,871.00 -2.00 $2,867.30 $2,880.20 $2,867.30 Nov 4, 2024 11:43 a.m.

[68Camaro]

Took awhile to break back through the election noise, but spot is back well over 2700.

[Cu Penny Hoarder]

Took awhile to break back through the election noise, but spot is back well over 2700.

But the myopic crypto crazies don't care/want it. Either does Trump for that matter.

[thecrazyone]

I'll take what ever gold anyone wants to give up LOL

[68Camaro]

Futures at all time high and climbing, $2860. Spot at $2815 and climbing as well. Need to change the thread title. And this with the USD over 108 (down slightly from recent peak of 110, but trending up over the last couple of days).

[Morsecode]

Sold it all this week at 2755

[68Camaro]

Sold it all this week at 2755

Well, you can buy some BTC now and make your fortune!

[Morsecode]

Yeah. I didn't even think of that.

See what happens after the Superbowl.

[68Camaro]

Updated the OP and title again. Gold Spot exceeds $2840, with futures pushing $2900.

[Morsecode]

You have to ask yourself what would make it come down from here, and is that on any conceivable horizon. I think not. The impending flight from bitcoin notwithstanding, $2700 - $3400 looks like the new normal.

[Lemon Thrower]

long term, or maybe even medium term, BTC will take market cap from gold, real estate, and tech stocks. Its share of investable assets will increase at the expense of other stores of value.

[68Camaro]

long term, or maybe even medium term, BTC will take market cap from gold, real estate, and tech stocks. Its share of investable assets will increase at the expense of other stores of value.

Possible. Market cap of BTC is $2T with most of it mined. Market cap of gold is $19T with most of it held by central banks and few of them interested in trading gold for BTC. If BTC hits the $1M per coin mark as its supporters believe, its market cap will approach gold, but by then gold will have advanced further. That would only change if people decide they would rather have BTC than gold. Few that have held an ounce of gold in their bare hands would do that (some, but I think not a lot). But you could be right in the short term. Some holding paper gold may be willing to sell for BTC.

[68Camaro]

Futures hit $2901 in overnight trading before falling back a few bucks. Spot is now over $2860.

[thecrazyone]

How long before it hits $3k? 2 months?

[68Camaro]

Dunno, I've consistently failed at timing of predictions. All I know is that it will do that, and probably within a year. Maybe sooner, maybe 10 years. How's that? Lol

[thecrazyone]

I think your first guess is pretty accurate, actually.

[68Camaro]

Changed title as Spot moves past $2900

[thecrazyone]

Grab something heavy!!

[Lemon Thrower]

up $50 today!

[thecrazyone]

Soclose

[pmbug]

Lease rates blowing out. Gold is not even close to done here.

[thecrazyone]

$2953

[Lemon Thrower]

you jinxed it