This Special Report was issued to as gold and silver prices hit new record highs.
January 28 (King World News) – Gerald Celente: PUBLISHER’S NOTE: As Trends Journal subscribers will know, we called the bottom of gold in September 2023 when it was selling at $1,850 per ounce. Then, four months later, on 2 January 2024, one of our Top Trends for that year was “A Golden Year For Gold.” And “Golden” it was, spiking up nearly 30 percent for the year.
Then, when Donald Trump officially took office as president last year, we had forecast that the U.S. dollar would lose value, which it did, and his economic and geopolitical actions would spike gold prices, and spike they did… going up some 65 percent.
And the spike continues. As we go to press, Gold is selling at $5,088 per ounce.
As for silver prices, we also forecast that prices would rise as those who could not afford to buy gold went for silver and that silver is a precious commodity for high-tech and heavy industry. But we did not forecast that prices would spike as high as they have. Indeed, the price of silver went up about 147 percent last year, closing out at around $76 per ounce. And now, as we go to press, it is trading at $106.92 per ounce.
The bottom line is that there is fear of increasing geopolitical and socioeconomic uncertainty and that is the main driver for these safe-haven precious metal assets.
However, there will be sharp correction at some point; nothing goes straight up or down. Yet, long term, we remain bullish on both silver and gold.
We have also noted, by the facts, that the spiking precious metal prices were essentially ignored by the mainstream business media for most of last year and even this year. But now the precious metals are finally making the news… as we note with the following articles.
We have also noted, by the facts, that the spiking precious metal prices were essentially ignored by the mainstream business media for most of last year and even this year. But now the precious metals are finally making the news… as we note with the following articles.
GOLD BREAKS THROUGH $5,100
On 26 January, the spot price of gold reached $5,110.50 an ounce, another new record as “investors sought refuge from geopolitical risks and Trump-induced market volatility,” Reuters reported.
On 24 January, Donald Trump vowed to punish Canada with a 100-percent tariff if the country proceeded to sign a favorable trade agreement with China.
Trump’s volatile trade policies and the general uncertainty surrounding his governing style are the main prompts behind relentlessly climbing metals prices, along with a fear of missing out, Ole Hansen, chief commodities strategist at Saxo Bank, told Reuters.
Japan’s yen jumped to its highest value against the dollar since November as investors speculated that the U.S. and Japanese governments would intervene to support the weakened yen.
“The message is being received that the [US] administration does not want to see the dollar strengthen meaningfully, and if that’s the case then the dollar upside is capped, and that skews towards the downside,” Evan Brown, UBS Asset Management’s chief strategist, wrote in a note.
At the same time, investors exited dollar-based investments ahead of this week’s meeting of the U.S. Federal Reserve’s rate-setting committee and Trump’s possible announcement of Fed chair Jerome Powell’s replacement when Powell’s term as chair expires this spring.
The buck lost 0.6 percent against an assortment of other major currencies, continuing the decline last week that gave the U.S. currency its worst week since May after Donald Trump made his Canadian tariff threat.
The dollar index slumped to its lowest since October, which makes metals priced in dollars less expensive for buyers elsewhere.
Now that it has cleared $5,000, gold could continue progressing toward $6,000, analysts are forecasting. Central banks are continuing their strong demand and global tensions and U.S. policy whipsaws are likely to continue, they said.
Gold’s next target range is $5,154 to $5,206 an ounce, according to Reuters technical analyst Wang Tao. After that, it could peak around $5,427, he believes.
Gold’s upward progress could be interspersed with sharp temporary corrections, trader Alexander Zumpfe at Heraeus Metals Germany, said to Reuters.
“We have passed another threshold, just much faster than I thought we would,” said Michael Haigh, analyst at Société Générale told the Financial Times. “People are price insensitive to gold now, as they expect this momentum to continue” amid ongoing, unforeseeable global political and economic policy shifts, he added.
Platinum also set a record on 26 January at $2,918.80 per ounce and palladium touched a three-year peak at $2,142.70…
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RETAIL BUYING FRENZY PUSHES SILVER’S PRICE ABOVE $100 AN OUNCE
On 23 January, silver’s price broke up through $100 an ounce for the first time, jumping 5.1 percent and continuing a surge that began last October when the price was still below $45.
After soaring 147 percent last year, silver’s price has shot up another 40 percent since 1 January.
Seen as “the poor man’s gold,” silver benefited from a speculative fever and a search for financial safe havens that drove gold’s price to within a few dollars of the $5,000 mark last week and lofted it to $5,110 on 26 January.
In addition to speculation, silver’s spike also has resulted from a long-term shortage of supplies. The metal is necessary in a number of products and industrial processes.
“Silver is in the midst of a self-propelled frenzy and, with plenty of geopolitical risk to give gold added buoyancy, silver is benefiting even now from its unit price [that is lower than gold’s],” Rhona O’Connell, an analyst at financial services firm StoneX, told Reuters.
She is among a number of analysts warning that the sudden run-up in price has set silver up for a correction.
“Everyone, it seems, wants to be involved but it is also flashing amber warnings,” she added. “As and when cracks start to appear, they could easily become chasms.”
For the first time since 2011, just 50 ounces of silver will buy one ounce of gold, compared to 105 ounces of silver in April. Traders use this spread to project silver’s future price direction and many say the metal is now overvalued.
Market fundamentals indicate a realistic price for silver is now about $60, according to Michael Widmer, Bank of America’s chief strategist. Demand from the solar panel industry peaked last year, he wrote in a report, and industrial demand has slackened due to the currently high price.
About one billion ounces of silver are needed each year, with nearly 20 percent coming from recycling. However, a shortage of high-grade recycling capacity has limited the amount of silver coming from that venue, according to consulting firm Metals Focus.
A shortage of reclaimed and virgin silver, combined with growing stockpiles of bullion and metals committed to exchange-traded funds, have shrunk the silver reserves in London’s private-sector vaults to a record low of 136 million ounces on 30 September, Metals Focus has calculated.
By 1 January, supplies had recovered to about 200 million ounces, which was still well below the 360 million ounces in those lockers during 2021’s early-year rally.
Inventories in COMEX storage peaked at 532 million ounces on 3 October. Since then, the supply has come down to 418 million ounces, the least in 10 months.
“Profit taking following the frenzied nature of the investor-driven rally since late November is likely [to come] sooner rather than later, particularly in view of ongoing physical market easing,” David Wilson, BNP Paribas’s senior commodities strategist, wrote in a note.
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James Turk Predicts Silver Will Skyrocket Above Fair Value Of $300-$500 CLICK HERE.
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Michael Oliver – Historic Breakouts Will Now Send Gold & Silver Prices To Levels That Will Shock The World! CLICK HERE.
Silver Will Skyrocket Above $300-$500!
To listen to James Turk’s predictions for the price of silver and gold as well as what to expect from mining stocks CLICK HERE OR ON THE IMAGE BELOW.
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