Gold Price - Where is it heading?

[ducati916]

So gold:



When the West controlled the gold price via paper gold, gold tracked TIPS. No longer. Control has shifted to the East as physical is drained. The reason is clear and will form the conclusion.




GLD moving higher in price, while reducing its actual holdings of unallocated physical. Does that have anything to do with JPM becoming custodian and shifting physical gold from London (LBMA) to New York?



Of course we will have YCC. The ISDA that is waiting to be approved is QE. QE = YCC.







The Gulf states are now accumulating gold.

Of course they are. Gold is now the world reserve asset for oil purchases. This is the driving force in the rise of the POG (physical). It will not abate.

Because the US MUST move to YCC (QE) to retain some form of solvency to protect the UST market, they must sacrifice the USD. The chart above demonstrates the last YCC and just how successful it was. That playbook is back.

OPEC+ is wide awake to this fact. Hence gold is now the settlement asset after netting out trade balances.

It looks very suspiciously that Japan is the latest sovereign to break ranks and buy oil in Yen and settle in gold. Charts later in the week.

jog on
duc

 

[mullokintyre]

From BTL ,

The Chartists among us will be able to interpret this far better than I can.

But if I was pretending to be one, I might suggest that a pull back is on the cards to replicate the last two times it popped close to the top of that channel.
mick

 

[Prepper Pete]

From BTL ,

The Chartists among us will be able to interpret this far better than I can.

But if I was pretending to be one, I might suggest that a pull back is on the cards to replicate the last two times it popped close to the top of that channel.
mick
View attachment 173398

There might just be some fireworks on gold

 

[rcw1]

beautiful, just bloody marvelous...

 

[mullokintyre]

beautiful, just bloody marvelous...

View attachment 173452

Damn, was not sustained.
Mick

 

[Sean K]

View attachment 173468
Damn, was not sustained.
Mick

So, up at London open, but then crash half way through. Was there some economic data released at 7am on that timeline that caused that? JPM still playing with us?

 

[mullokintyre]

So, up at London open, but then crash half way through. Was there some economic data released at 7am on that timeline that caused that? JPM still playing with us?

Lotsa things came out, crude oil down, durable goods orders unexpectedly up, consumer confidence down, Fed Philly services collapsed as did Richmond Fed goods, Texas services negative for 22nd straight month, home prices accelerated, the 5 year bond sell went like a rocket, and of course there was the bridge collapse which will effectively block the entrance to Baltimore Harbour for an extended time.
Problem is they were likely still all overwhelmed by the bastards at JPM manipulating the world for their own profits.
Mick

 

[DaveTrade]

GLD weekly chart is still looking good, just a pause for a breather at the half way mark.


The zoomed-in view on the daily chart is not giving me anything to be concerned about at this stage.

 

[finicky]

Geez, now it looks like Northstar on twitter wants a monthly close above the red upsloping line on the Gold CHF chart. Earlier I said breakout above 1,850 Swiss Francs, as interpreted from his chart then. Now it looks like a monthly close above roughly 2,000 CHF is needed. Fkg chartists. Swiss Franc stronger than US Dollar.




Northstar

@NorthstarCharts

GOLD priced in Swiss Francs - Above the RED line it gets VERY interesting.



What happens above the red line?

Northstar
A new multi-year gold bull market begins.

 

[mullokintyre]

beautiful, just bloody marvelous...

Its doing it again ..

Can it be sustained this time??
Mick

 

[Sean K]

Its doing it again ..
View attachment 173530
Can it be sustained this time??
Mick

Daily close above here will be very nice.

 

[mullokintyre]

Its doing it again ..

Can it be sustained this time??
Mick

Well, it was somewhat sustained.
A battle between the bulls and the bears with the bulls finishing ahead on points for the round.
Mick

 

[mullokintyre]

Gold popped through USD2200 and AUD 3400.
The quarterly of a few Oz gold producers are going to look pretty good after a full quarter well above AUD 3,000 an ounce.
Mick

 

[Sean K]

It's been break out after break out since November on all time frames.

 

[Sdajii]

I recently bought into gold for the first time ever. It's a hedge against inflation and we've sure been seeing inflation lately so I took a look at the gold chart, saw that gold hadn't really been keeping up with inflation, saw a giant cup and handle with a target around US$3,000, started watching it and then saw it break out. Gold had never interested me before, I don't like the concept of putting silly imaginary value on a physical object which doesn't have intrinsic value to match the price, but hey, I'm not going to pass on easy money. Not a multibagger in any reasonable time frame but respectable return and very safe.

It was delightful to wake up on the first day of Easter to see it had closed at an all time high.

 

[noirua]

Gold appears unstoppable as it hits record highs above $2,250, capping off a solid month and quarter

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.

www.kitco.com

March 28, 2024. Gold appears unstoppable as it hits record highs above $2,250, capping off a solid month and quarter.​

 

[mullokintyre]

It's been break out after break out since November on all time frames.

View attachment 173611

And ain't it a beautiful thing!
mick

 

[ducati916]

https://www.reuters.com/business/energy/ceraweek-saudi-aramco-ceo-argues-re-set-energy-transition-timetables-2024-03-18/

https://www.reuters.com/business/energy/ceraweek-us-return-emergency-oil-reserve-prior-levels-by-year-end-2024-03-18/

So gold breaking out of the high base. Very, very bullish.

The reason is that gold is now the reserve asset or an oil currency.

The clue that this is accelerating is when the BOJ ended YCC and raised rates and the Yen FELL rather than rose as against the USD.

Japan is now printing Yen to buy oil (as are many others) and settling in gold net - net balance of trade. Of course Japan has a highly productive economy so their balance of trade will be beneficial.

The second reason for gold rising and rising much further is that the USD needs to be far lower.




What concerns me is they’re beginning to export the technology, and not for nuclear proliferation, but for creating dependency. You think about all the countries on the coasts of the African continent, and all the countries in South America and Central America.


And the reason, as was said earlier by Congressman, the idea that something is cheaper sometimes makes it more attractive. The Georgia plant that was done here in the US, $25 billion. That’s $11.5-12 billion or so per gigawatt. China is producing nuclear for $2 billion a gigawatt. That’s a huge contrast.


If you’re a foreign country, China could easily come in and say, we will build it for you, we’ll finance it for you, and then by the way, we’ve got you hooked for the next few decades and dependency on fuel, and maintenance, etc. From there, you can imagine a future where you’re proximate to seawater, you can do desalination, you’ve got water resources, and water wars. China’s already done that in Pakistan.


I think we need to get our act together in getting entrepreneurship and free market enterprise in nuclear. I call it elemental energy; this is an area we should dominate.


I have highlighted the important point. To compete with China the US has to significantly devalue the USD. Just above is another example of EVs.

Now of course a weaker USD is also a revaluation as against gold. Gold will (and must be) significantly higher.

In the news recently were a significant number of prefabs cancelling due to costs, lack of skilled employees, etc. in the US. This was part of the reshoring of jobs, industry, etc. that the US were wanting to cut the ties with China (due to the cold war that is well underway).



Of course the debt is eating the US alive.

To get the debt/GDP ratio back down to 80% (which is manageable) the US could revalue their gold (LOL if they actually have it) to $5T and buy UST paper in the market. This one time revaluation and sale takes them back to an 80% debt/GDP ratio.

The value of gold needed to do this?

$20,000/oz

The US is so f**cked that they may actually have to do this. The reshoring strategy is already a bust and failing.


jog on
duc

 

[finicky]

Northstar
@NorthstarCharts

GOLD - Bullish megaphone breakout. Higest ever daily, weekly. monthly & quarterly close

 

[rcw1]

Good morning gold believers,



All time high levels of value. Gold is really good to have in your safe. The bigger the safe the better...




Have a very nice Easter.

Kind regards
rcw1