The case for gold gets stronger in a world of global fiscal misbehavior led by the United States under Trump

 “If every country is looking equally irresponsible, then the chances of [a US budget crisis] happening are slim, certainly on a sustainable basis. But when all the countries are experiencing high debt ratios and high deficits, then it′s less likely because in effect there is nowhere to run, with the possible exception of physical assets like gold.” ...

“It would take another country, another region like the euro area supplanting the U.S. with regard to fiscal responsibility. That’s tough to see happening,” he added.

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Gold hit new record $2,790.15 this week before closing at $2,736.28 today

 

Spot gold fell 0.2% to $2,736.28 per ounce. Prices fell 1.5% on Thursday as some traders took profit after bullion hit a record high of $2,790.15.

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New record for gold: $2,789.73

 

Gold prices rose to a record high on Wednesday as uncertainty over the U.S. presidential election boosted safe-haven demand, with traders also awaiting economic data for cues on the Federal Reserve’s policy path.

Spot gold rose 0.5% to $2,788.89 per ounce after reaching an all-time high of $2,789.73 earlier in the session. U.S. gold futures gained 0.7% to $2,799.90.

Story.

Gold and silver and yields, oh my

 

Prime Rib and Pork Chops and Scampi, Oh My

Gold prices fell over 1% after hitting a record high on Wednesday, as a stronger dollar and a rise in U.S. Treasury yields countered support from safe-haven demand linked to the Nov. 5 U.S. election and Middle East war.

Spot gold was down 1% to $2,721.12 per ounce as of 12:25 p.m. EDT (1410 GMT) after hitting a record high of $2,758.37 earlier in the session.

U.S. gold futures fell 0.9% to $2,734.60. ...

Spot silver fell 3.1% to $33.74 per ounce after hitting its highest price since late 2012 at $34.87 on Tuesday.

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New gold high $2,744.08

 Spot gold rose 0.7% to $2,739.81 per ounce after hitting a record $2,744.08 earlier in the session. U.S. gold futures gained 0.6% to $2,754.30.

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Gold briefly surged to new high $2,740.37 today

 Spot gold was little changed at $2,723.25 per ounce, as of 1:35 p.m. ET (1735 GMT), after hitting a record $2,740.37 earlier in the session. U.S. gold futures settled 0.3% higher at $2,738.9. ... Spot silver was steady at $33.66 per ounce, after hitting its highest since late-2012 earlier in the session.

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Gold new all time high: $2,714.00 per ounce (updated to $2,720.05)

 Gold raced past the $2,700 mark for the first time on Friday . . .. Spot gold rose 0.7% to $2,711.75 per ounce, having hit an all-time high of $2,714.00 earlier in the session. Bullion has gained over 2% so far this week. U.S. gold futures gained 0.7% to $2,726.90.

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Updated:

Spot gold was up 1% at $2,720.05 per ounce by 02:58 p.m. ET (1858 GMT) and has risen 2.4% so far this week. 

U.S. gold futures settled 0.8% higher to $2,730.

Gold rises to $2695.39 per ounce, another new high

 Gold hits record highs on US election uncertainty, more policy easing

Gold prices hit record highs on Thursday as uncertainty surrounding the U.S. presidential elections and the war in the Middle East prompted investors to seek out the safe-haven asset, while easing monetary policy environment kept prices elevated.

Spot gold last rose 0.83% to $2,695.39 per ounce. U.S. gold futures gained 0.75% to $2,711.40.

Gold has seen a surge of over 30% this year, surpassing record levels, driven by prospects of further Federal Reserve rate cuts after a half percentage point rate cut last month and ongoing geopolitical uncertainties.

Gold hits record high of $2,685.42, drags silver up to $32.71

 Silver rose to its highest level in nearly 12 years on Thursday, riding the coattails of gold’s rally to record peaks on interest rate cuts by major central banks.

Spot silver was 0.7% up at $32.06 per ounce, having hit $32.71 earlier in the day, its highest since December 2012. ...

Silver, which serves as both a safe-haven investment and a key material in industrial applications, has rallied more than 36% so far this year. ...

Spot gold, meanwhile, was up 0.6% at $2,673.06 per ounce, having hit a record high of $2,685.42 earlier in the day. U.S. gold futures for December delivery rose 0.4% to $2,695.8.

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Gold: New record high $2,670.43

 Spot gold was down 0.2% at $2,652.99 per ounce by 1657 GMT after hitting an all-time high of $2,670.43 earlier. 

-- Gold consolidates after smashing record on rate-cut momentum

Another record high for gold at $2,639.95, now up 44% year over year

 Gold prices surged to a record high on Tuesday as a cocktail of factors, from hopes of further U.S. rate cuts and China stimulus measures to elevated Middle East tensions, lifted demand.

Spot gold steadied at $2,625.25 per ounce after hitting a record high of $2,639.95 earlier in the day.

U.S. gold futures were flat at $2,651.30.

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One year ago gold was ~$1,825.

And updated 39 minutes ago lol:

Spot gold was up 1.1% to $2,656.38 per ounce after earlier hitting a record of $2,654.96. U.S. gold futures gained 1% to $2,680.00.

Gold up 26% . . . in 2024

Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East.

Spot gold was up 0.7% at $2,605.50 per ounce, while U.S. gold futures rose 0.6% to $2,630.30. Silver gained 0.5% to $30.93.

Bullion’s latest rally got a fillip after the Federal Reserve initiated an aggressive easing cycle on Wednesday with a half-percentage-point reduction, adding to the appeal for gold, which pays no interest.

Prices of the safe-haven asset have climbed 26% in 2024, its biggest annual rise since 2010 . . .. 

 

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$SPX is up 19.82%.

Gold has other opinions about inflation

 Gold jumps to record high after U.S. Fed delivers 50 bps rate cut

Gold prices rose to an all-time high on Wednesday after the U.S. Federal Reserve cut interest rates by 50 basis points, sending the dollar lower.

Spot gold was up 0.9% at $2,592.39 per ounce. U.S. gold futures settled 0.2% higher at $2,598.60.

 

Yeah, inflation is vanquished and isn't showing up anywhere

 Gold skyrockets as stars align for Fed rate cuts

Gold prices powered higher on Friday, beating record levels, as a boost in bullish momentum fuelled by optimism that the U.S. Federal Reserve is on the brink of trimming interest rates was catalysed by fund inflows and a drop in the dollar.

Spot gold was trading at record levels, up 0.7% at $2,576.48 per ounce by 10:10 a.m ET (1410 GMT). U.S. gold futures rallied 1% to $2,605.30.

Updated:

Spot gold was trading at record levels, up 0.9% at $2,582.05 per ounce by 11:58 a.m ET (1558 GMT). U.S. gold futures rallied 1.2% to $2,610.30.

 

Gold makes new record high

 

 Gold prices rose more than 1% to hit a record high on Thursday, helped by expectations of an interest rate cut by the Federal Reserve next week after U.S. data signalled a slowing of the economy.

Spot gold was up 1.6% at $2,551.19 per ounce, while U.S. gold futures were up 1.4% at $2,578.90.

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Updated:

Spot gold was up 1.8% at $2,556.86 per ounce. U.S. gold futures were up 1.7% at $2,585.20.

A million dollars in cash weighs about 22 pounds, in gold about 27

 10,000 $100 bills vs. one 400 troy ounce gold bar.

 

Inflation is over, gold hits new high lol

 CNN: The war on inflation has been won. It’s OK if you’re still angry

The headline inflation reading falling below 3% for the first time since 2021 is incredible.

 

CNBC: Gold rallies to record high on softer dollar, rate-cut expectations

Spot gold was up 1.5% to $2,493.66 per ounce after hitting a record high of $2,500.99 earlier. U.S. gold futures rose 1.6% to $2,532.10. Bullion has risen 2.6% this week.

 

The price of real money

 Gold prices hovered near record highs on Wednesday, steered by hopes of U.S. interest rate reduction and persistent Middle East tensions, while the spotlight shifted to U.S. inflation data. Spot gold was up 0.2% to $2,469.35 per ounce, shy of the record high of $2,483.60 scaled last month. U.S. gold futures steadied at $2,508.40.

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The gold price averaged $612.56 in 1980 according to Kitco. Adjusted for CPI inflation that would be about $2,327.10 in June 2024. So . . . gold is holding its value . . . relative to the high prices of 1980.

But there were more opportune times to buy gold than now.

See an inflation-adjusted price chart here.

Gold record close 3/28/24: 2254.80

 

Jerome "Arthur Burns" Powell ignites gold fever

The London PM gold fix soared 437% between 1970 and 1978 using average prices.

Gold is up about 60% since Powell became Fed Chair in February 2018. Gold has risen from about $1333 to $2142 on an average basis.

Gold hits fifth record high in March on Fed rate-cut view :

Gold prices on Thursday hit record highs for the fifth time this month after the U.S. Federal Reserve signaled it would press ahead with three rate cuts in 2024 despite elevated inflation.

Spot gold was up 1.1% at $2,209.65 per ounce at after hitting an all-time high of $2,222.39 earlier in the session. U.S. gold futures soared 2.4% to $2,212.40. ...

Despite recent high inflation readings, Fed chair Jerome Powell said the U.S. central bank is still likely to reduce interest rates by three-quarters of a percentage point by the end of 2024, but that it also depends on further economic data. ...

Lower interest rates decrease the opportunity cost of holding non-yielding bullion . . ..