The price of gold futures are now trading well above the $3,000 level as silver approaches a 12 year high!
$3,000 Gold
March 14 (King World News) – Peter Boockvar: Gold has finally gotten above the $3,000 level, albeit slightly, and it’s done it without much help from the western investor. I define ‘help’ and ‘western’ by looking at the ETF holdings of gold that investors usually use to own their gold, outside of physical holdings or mining stocks. At 86.4mm ounces of holdings, while off the lows of 80.5mm a year ago, is still well below the 2020 high of 110.67mm ounces.
KING WORLD NEWS NOTE: $3,000 Gold Despite ETF Holdings Remaining Collapsed
The main buying continues to be foreign central banks and governments and I’m confident that the western buyers of gold will catch up and remains sort of fresh buying powder. We remain long and bullish gold to say again. I mentioned silver the other day too and it’s just $1 from the highest level since October 2012.
KING WORLD NEWS NOTE: Silver Approaching Highest Level Since 2012!
As for the CRB raw industrials index that I now keep mentioning and where gold and silver are not a part of, it rose another .3% yesterday to a fresh 2 yr high and is up 2.4% just over the past two weeks.
Commodities Have Already Broken Out On The Upside
The UK economy unexpectedly contracted in January by one tenth m/o/m vs the estimate of slight growth of one tenth. Weakness in manufacturing and construction led the decline. There was modest growth in the services side of their economy, particularly in retail. Nothing market moving here but highlighting the sluggish business activity in the UK, though it has outperformed many of its European peers. And, its service sector has done much better than manufacturing as we know.
European bond yields are higher again across the region with the German 10 yr bund yield in particular rising by another 7 bps to 2.92%, the highest since October 2023.
The reason today is that it looks like the new Merz government has made a deal with the Green party (the one holdout) to implement his fiscal plan. The euro is higher as well as is the DAX which is up 15% year to date.
JUST RELEASED: Gold Price Hits $3,000!
To listen to Alasdair Macleod discuss the gold price breaking above $3,000 and much more CLICK HERE OR ON THE IMAGE BELOW.
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