Gold hitting new highs, but...

[Cu Penny Hoarder]

No one here is talking about it!

Au futures are $2150 as I type this.

[coindood]

Don't wanna jinx things...

[Silver4face]

Gold has dropped 13 dollars in the last hour or so. Is this the beginning of a smash down?

[pmbug]

Looks to me like someone got pinched in a short squeeze on the open of Asian trading last night. Gold is settling back down for now but will likely continue to trade higher (not in a straight line obviously!) for the near term. Gold broke through $2,050 resistance and this should set a new floor. Unless the Fed hikes rates again (which no one expects), gold should continue to go up slowly. If the Fed give any hint at cutting rates, gold will likely take off with wings.

[Cu Penny Hoarder]

Damn, I really did jinx it !

[pmbug]

FWIW:

... Ewa Manthey, Commodities Strategist at ING.
...
“Total holdings in bullion-backed ETFs have continued to decline this year despite rising spot prices,” Manthey wrote. “Although global gold ETF outflows continued in October, they were at a slower pace than in September. Year-to-date, global outflows totalled $13 billion, equivalent to a 225-tonne fall in holdings.”

She said that data from the World Gold Council (WGC) showed the lion’s share of these outflows came from European and North American funds, while investment demand in other parts of the world was stronger.

“Looking into 2024, we believe we will see a resurgence of investor interest in the precious metal and a return to net inflows given higher gold prices as US interest rates fall,” Manthey said.

Other areas of the market have already shifted, however. “[N]et-long positioning, reflecting sentiment in the gold market, turned positive in the second half of October as spot prices surged amid the outbreak of the Israel-Hamas conflict,” she noted. “COMEX net-long positionings rose 137% month-on-month to 29 October, supported by the rise in geopolitical concerns.”

When compared to positioning in 2019 and 2020, she said that overall positioning in 2023 looks neutral. “This suggests that there is still plenty of room for speculators to add to their net long in 2024 and push gold prices even higher.”
...

More:

https://www.kitco.com/news/2023-12-04/G ... nthey.html

[68Camaro]

USD was going down, reversed course and headed back up.

[Cu Penny Hoarder]

USD was going down, reversed course and headed back up.

Nah... it was all me... I jinxed it !

Next time I won't say sheet about it.

[68Camaro]

USD was going down, reversed course and headed back up.

Nah... it was all me... I jinxed it !

Next time I won't say sheet about it.

[Recyclersteve]

Gold (as measured by the GLD exchange traded fund) was looking really good last Friday. But this week, frankly, has NOT been good. A little follow through on good volume in the next 1-2 weeks would get me more excited.

[Recyclersteve]

USD was going down, reversed course and headed back up.

I agree with this line of thinking.