Gold and silver have been in a narrow trading range after the price of gold hit an all-time high. The consolidation will soon be coming to an end as the metals continue their uptrend, but here is the most interesting thing.

Gold & Silver
January 10 (
King World News
) –
James Turk:  The narrow trading ranges that have contained gold, silver, and the US dollar over the past few days is likely to end soon, Eric. On Thursday morning the CPI will be released. It will be reporting the US government’s inflation calculation for December.  

This report is then followed on Friday morning with the PPI. It seems that a number of markets are waiting for some short-term direction, which apparently will come from these reports. But we should not overly focus on the short-term in moments like this when markets appear to be directionless.

We need to take a step back. The long-term direction is clear as we can see from this 20-year chart of gold showing monthly prices. I’ve added a 55-month moving average to highlight the trend.

Gold’s 20-Year Trend Continues To Be Higher

Long-Term Uptrend Is Clear
The very bullish long-term uptrend in gold is clear. What’s more, this chart illustrates the relentless accumulation of gold over the past few years. All the new gold being mined has been readily absorbed at record or near record highs, which I expect will continue as gold works its way higher. 

So let’s see how 2024 develops. Right now:

– economic activity is slowing

– the dollar is leaning over the edge of the table

– the Fed seems eager to lower interest rates and start printing again

– geopolitics has the potential to upset the apple-cart, etc.

How these and other events will unfold this year remains to be seen. Their outcome is uncertain, and in a world of uncertainty, gold – and silver too – are the place to be. They have withstood the test of time.

King World News note:  If you are accumulating physical gold and silver, continue to do so at the same time each month, quarter, etc. Do not try to get cute and time this market. For those of you who have been suffering in the mining and exploration stocks, your time is coming very soon. As Michael Oliver told King World News, a 1980 manic upside move for gold and silver is also coming soon. This will lift the mining and exploration stocks to levels people can’t even imagine today.

Michael Oliver Audio Released!
To listen to Michael Oliver discuss why 2024 is shaping up to be a 1980 mania type of event for the gold market CLICK HERE OR ON THE IMAGE BELOW.

To listen to Alasdair Macleod discuss gold, silver, and the biggest opportunities in 2024 CLICK HERE OR ON THE IMAGE BELOW.

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