Gold spot back over $3200

[68Camaro]

Futures isn't a "real" price, I know, so this doesn't satisfy a 25 handle in my book, but it's notable.

Edit 13 Sep: Futures close at 2610.

Edit 26 Sep: Futures pass 2700.

Edit 29 Oct: Spot at 2778. 2800 in sight, but this is a sawtooth up, with downs, as it should be if this is anything close to price discovery. Silver needs to get past 35 and stay there on a continued rise.

31Jan 2025: Spot at 2815 and climbing. Futures closed yesterday at 2849 and are at 2860 today and climbing. Silver is up again looking toward 32, but still lagging behind gold.

4 Feb 2025: Spot exceeds $2840, and futures hit $2877. Approaching $2900, with the dollar going back down, helping the increase. Silver went back over $32, but can it hold on to it?

10 Feb: Gold spot cruises past $2900 as Trump suggests getting rid of the cent (unrelated, but interesting timing)

13 Mar: April futures went past $3000 and spot is barely 10 bucks behind. More importantly, futures in later months have hit $3100 (Dec).

17 Mar: Spot closes over $3000, waffles a sec, then climbs further after the reopen. $3005 as I post this.

28 Mar: Spot passes $3080 and futures pass $3100, but there is an ongoing battle with the forces activity suppressing PMs, especially silver, but gold as well.

31 Mar: that didn't take long. Spot passes $3100 and continues up.

10 Apr: Despite the tariff war sell off, gold spot hits a new record. At >$3180 as I edit this, with futures >$3200.

11 Apr: (corrected date above) Gold at 3237.50 and moving

16 Apr: much quicker than I thought it would, but aided by a drop in the USD to below 100, gold spot passes $3300.

21 Apr: USD near 98, gold spot buy tops $3400

15 May: After flirting with $3500, gold corrects back below $3400, fights over the line again, then sinks below $3300, then $3200. Given the rapid rise, a 10% correction might be considered "healthy" for the path of a long term bull market in gold.

17 May: end of week finds Au creeping just back over $3200.

[shinnosuke]

Will it be a real price in the future? Why doesn't inflation of the money supply not apply to gold? One of life's simple little mysteries.

[68Camaro]

Will it be a real price in the future? Why doesn't inflation of the money supply not apply to gold? One of life's simple little mysteries.

I dunno. A lot of things that should compute don't anymore and my only explanation is that the system is broken and or rigged. There is still a moderate correlation between the USD and the price of gold - that's the only thing that seems to hold up, and I'm not sure that will hold forever.

[pennypicker]

I have a friend who has been in the silver business since 1979 and when we were discussing the current silver market he told me technical charts and silver's history don't really mean anything anymore as we are in uncharted waters and it is more unpredictable than he's ever seen it.

[68Camaro]

Well spot closed over $2500 yesterday, so that earlier futures price (though it dropped first, then came back) ended up being confirmed.

[Morsecode]

My guy has a display case full of silver bars, eagles and maples (though no 90% oddly), but he can't keep gold in the store. Which is sorta the opposite of last winter.

[shinnosuke]

Asian markets have opened and gold is up...just a little.

[thecrazyone]

Wow, yet another all time high!!

[thecrazyone]

$2537.60 today

[thecrazyone]

$2585.25 today!

[68Camaro]

Futures closed at $2610 so I edited the title

[thecrazyone]

Wow!

[68Camaro]

Updated title, TTT.

[Cu Penny Hoarder]

Ain't seen nothing yet. If this keeps up we should have a FOMO-mania coming soon.

Notice how whenever the overnight futures make a new high, TPTB come in around 8-10am (EST) and try to smack it back down. That trick doesn't work nearly as well as it use to though.

[silverflake]

Boy, I remember in the glory days of this site, the kind of movement we are seeing in gold (and now silver) would have had these boards abuzz with activity. Take that for what its worth. A lot of us who have been here for a while are older and the younguns on the site haven't grown enough in number. My gosh, I remember in 2004-ish when gold hit $400 I was ecstatic and telling everyone I could to buy gold (I was 34-35 that year). Back then, very few listened to me. Even those that did, when they came back to me after looking into buying gold bullion, they would say "Whoa, I don't know. A one once gold coin costs almost $450..." And these were coworkers and friends who were 100% invested in stocks in their 401-K's.

In 2009-2010 I used to read commentary on a website called "The One handed economist". He was a hard money guy, I think he was in New Hampshire but he would dole out fantastic pearls of wisdom in his daily/weekly free commentary (he also had a subscription newsletter). But the one thing he was banging his fists on the table about back then (in 2010) was a giant 2 year reverse head and shoulders chart formation on gold price and he was saying to buy it hand over fist if you could. I did what I could at the time but boy was he right. This guy has since died and when I last checked no one had taken over his letter.

Anyhow, I have to admit that even I am not jumping for joy as the reason for gold heading upwards is a bit unsettling (the very destruction of the dollar, we crow about that here often enough). Our economy is diseased. Our financial system is over leveraged...I guess thats the same symptoms that were happening in 2010 too but "this time its' different" (hate saying that).

Continue to stack, friends. Continue to post too as I value all of your wisdom.

[Cu Penny Hoarder]

Boy, I remember in the glory days of this site, the kind of movement we are seeing in gold (and now silver) would have had these boards abuzz with activity. Take that for what its worth. A lot of us who have been here for a while are older and the younguns on the site haven't grown enough in number. My gosh, I remember in 2004-ish when gold hit $400 I was ecstatic and telling everyone I could to buy gold (I was 34-35 that year). Back then, very few listened to me. Even those that did, when they came back to me after looking into buying gold bullion, they would say "Whoa, I don't know. A one once gold coin costs almost $450..." And these were coworkers and friends who were 100% invested in stocks in their 401-K's.

Started buying Au in 2002/03. Lots of 1/10oz AGEs ($40-45 each). People back then were telling me the premiums were too high.

Buying the stock market and holding would've done pretty well too, even through the 2008 financial crisis.

Hindsight is 20:20.

[thecrazyone]

Wonder if it can hit $3k by year end.

[68Camaro]

Gold has been increasing despite "swimming upstream" against a USD that remains relatively high. I don't see the USD remaining above 100 for long (years) and a dollar drop would kick gold prices still higher. I'm seeing published forecasts suggesting gold may double again to >$4800 before the end of this decade. I will not be surprised to see $10,000 gold before I die, and while much of that rise will simply be a hedge against a failing USD, some of it will be real appreciation. Having both is excellent.

While I continue to view silver as having the higher chance of greater performance, I think gold performs well at less risk (as well as less weight).

[68Camaro]

Gold, and silver as well, hit actual all time, and 10 year local highs, before the USD got cranked up to 104 to slow the progress. Their prices are still very high for the USD being at 104. Nice to see the price monopoly starting to Crack. Hope it continues. Both are undervalued, and Silver especially.

Some consolidation at times is also is to be expected (and is actually good) as prices march up.

[Saabman]

Gold / Silver ratio back under 80 for the first time in a while......

[pennypicker]

Gold / Silver ratio back under 80 for the first time in a while......

Still miles away from where it should be, 20:1 (one $20 gold piece equals 20 silver dollars)

[franklin]

Gold is making a pretty sporty run at $2800

[Lemon Thrower]

new all time high ATH for gold. Bitcoin about a thou away from its own ATH. Silver at $34 handle highest since 2011.

[Cu Penny Hoarder]

new all time high ATH for gold. Silver at $34 handle highest since 2011.

Then of course we get the obligatory 8-11am smash down. You could make a fortune shorting PMs at that time.

[thecrazyone]

Some graph data for context: