There's been much excitement lately with gold making new All Time Highs on Dec 4th at 2122.65 according to Barchart.com, the previous ATH was on 8th March 2022 at 2065.89. We are near to the end of the 2023 year, with 9 US trading days to go. My call for last day of December (29th Dec 2023), gold price will finish below 1987.00. That gung ho prediction made on this premise: "Gold just loves to screw the gold bugs around."
Looks like I'm gonna be wrong, but that's normal with what I think gold is doing. 3 rising months in a row, that's not too common with gold.
There's a very high probability imo of gold price swinging up from here on a new upleg and Newmont is about 1 day late to react.
Gold cash, 1 year daily chart, target about 2200 imo in March 2024, I think 2300 would be stretching it too far but is doable.
Got that call wrong so far. Prolly best maybe, just look at Newmont (largest gold company) and figure out where it's going. Looking at Quarterly, the current trend is down with lower lows. But this newly formed Quarter we are in, will it turn before it breaks below the former Quarter? Can this Quarter turn around to higher highs and higher lows? We'll soon find out, not far to go. GC Cash has plenty of room to come down.
So Newmont last Quarter fell while GC went up. An interpretation could be a rising gold price has no conviction? Gold prices rise while companies fall. GDX
Good call on Silver. Its up 20% since May 2. It hit $32+ tonight. Seems like all the metals are 2%+ higher ecept Gold +0.8%. Silver up almost 5%.