To The Moon

🪙🌟 Trend will continue up for GOLD and SILVER 🌟🪙

There may be a slight pullback and pause but will gain after that.

From various reports including CNBC AU and AG will continue to rise based on the below information.

CNBC reports:

Gold prices extended their record rally on Monday, supported by speculative buying and continued tensions in the Middle East, which overshadowed strong U.S. job growth in March.

Gold prices hit a record high for a seventh straight session on Monday, fueled in part by Asian central bank purchases.

U.S. gold futures gained 0.5% to $2,357.2. Spot gold was nearly 0.4% higher at $2,337.82 per ounce, after hitting a record high $2,353.79 earlier in the session.

China’s central bank added 160,000 ounces of gold to its reserves in March, it said. Turkey, India, Kazakhstan, and some eastern European countries have also been buying gold this year.

“The market is pricing rate cuts by June despite strong economic data,” said Bart Melek, head of commodity strategies at TD Securities. “But, if we continue to see strong data, which indicates that [the] Federal Reserve is in no hurry to cut rates, then gold will not be able to sustain the gains. Central bank buying and geopolitical tensions are other supportive elements.”

Based on prices of interest rate futures, traders are pricing in a 52% prospect of a quarter-point reduction in the fed funds rate in June, CME Group data showed. Friday’s labor market report in the U.S. showing robust jobs growth in March, however, called into question the timing of rate cuts.

Lower interest rates reduce the opportunity cost of holding bullion. Comex gold speculators raised their net long positions by 20,493 contracts to 178,213 in the week ended April 2, data showed on Friday.

Spot silver was up 0.4% on Monday at $27.59, its highest in nearly three years.

With the latest move up in prices, there is upside potential for silver, UBS analysts said in a note, projecting their forecast endpoint at $32/oz. 

India’s silver imports hit a record high in February, as lower duties encouraged large purchases from the United Arab Emirates, officials told Reuters.

Some analysts are predicting (1-3 months) $36 / oz using the Fibonacci extension. They say it will outrun gold percentage wise!

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