On July 7, 2024, gold jumped US$33, will be heading to US$2450, then US$2800.
Gold stocks technicals are very strong. Silver up through US$31. Bonds rise again, with a big rally coming
A$ strong - US$0.67
109 vs. Yen
Commentary on Ausbiz Friday, July 5.
Gold
- Wave 3 underway
- About to run to previous highs around US$2450
- Then quick break to US$2800 before the end of 2024
- New highs in Yen
- Downtrends broken in gold in Euros, Pounds, and Swiss Francs
- Off to new highs here
Gold Stocks
- XAU and HUI pressing against 12-13 year downtrends
- Good gains by market leaders
- Newmont
- Barrick
- Agnico
- Kinross
- TSX-V CDNX Index jumps
ASX Gold Stocks
- Pullback and consolidation finished
- New highs coming
Silver
- Through US$31
- Up >7% in week
- Note XAU vs. silver
- Note XAU vs AU$
Currencies
AU$ strong against
- US$
- Euro
- Yen
- Pound
You Don't Have Enough Gold
Gold made a very positive move on Friday and is likely to be showing us the way through to testing US$2450 then moving to US$2800.
Gold is critical to everything and we are well on the way to re adopting a gold standard of sorts over the next few years.
As stated here ad nauseum, a Gold Standard stops politicians from running budget deficits and forces them to stop printing money or issuing counterfeit money bonds to spend your money.
The world is rebelling against these criminals.
Note the UK electoral result showed a massive disproportionate connection between votes and seats.
The Labour Party won ~200 seats with fewer votes than in the previous election.
The reactions in parts of Europe and places such as Argentina are indicating big changes are coming.
Taxation on income and assets and then on every thing you do (GST, council rates, motor vehicle rego, fuels, insurance etc etc) leave little in your pocket and the expenditure on white elephants, NDIS, bureaucracies and welfare for immigrants show our taxes are being wasted.
Just look at the simpletons in charge. Everywhere.
We just ain't gonna take it anymore!
You might not see it or agree with it, but it is all there in plain sight.
And the AU$1,148 billion in savings accounts is a capital strike.
A Gold Standard will change all this. Gold is the Punisher, as they say. Gold is moving higher.
It is not about CPI inflation, weak US$, or wars.
It is much more.
The world, as individuals, families, corporations, banks, and governments, does not have enough gold, not by a long shot.
The 60-year cycle in gold ended in 2023. So much more gold needs to be bought over a very long time.
Even a few AU$ billion from those AU$1,148 billion savings bank deposits here will make a difference.
All fiat currencies die.
Note that however bad the US$ looks, the AU$ is far better, and the Yen, Euro, Pound, and SF are worse.
Heed the markets.
What are they telling you? What am I telling you?
Keep in mind that Non-OECD countries account for >62% of total world energy demand. And probably more copper, gold, steel, and nickel.
Focus on these countries and their 5 billion populations.
Not 450m in Europe and 100m in Japan.
You don't have enough gold, gold stocks, energy stocks, and resource stocks. You probably have too much cash, and if you unfortunately hold bitcoin, it is certainly too much of that.
Gold
This looks very good to me.
And this looks just brilliant.
US$2,800 is coming soon.
Gold is rising against most asset classes.
Against bonds.
Gold Stocks
Strong move on Friday.Out of the symmetry box again.
Very strong technical patterns are developing.
Philadelphia Gold and Silver Index (XUA:INDEXNASDAQ) box has 165 resistance.
XAU — But underneath that, the longer term says breaking 13-year downtrends.
The HUI Gold Index (HUI:INDEXNYSEGIS) is ready to go.
Market leaders are picking up.
Newmont Corp. (NEM:NYSE) has a 3-month high.
Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) has 40-month highs.
Barrick Gold Corp. (ABX:TSX; GOLD:NYSE) is back-testing downtrend.
Kinross Gold Corp. (K:TSX; KGC:NYSE) has new 4-year highs.
Northern Star Resources Ltd. (NST:ASX) is ready to go higher.
Some dopes will say a rising AU$ means sell ASX gold stocks.
Dopes.
S&P/TSX Venture Composite Index (JX:INDEXTSI) is turning up after 16 years of a bear market.
Gold Stocks vs. Gold
Continuing to improve.
What can I say?
This is so important.
ASX Gold Index
Ready to go.
Silver
Up through US$31.
Silver excites animal spirits.
Gold stocks follow silver.
And the AU$ follows gold stocks.
AU$ is breaking up versus US$.
Head the markets, not the commentators.
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Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Agnico Eagle Mines Ltd. and Barrick Gold Corp
- Barry Dawes: I, or members of my immediate household or family, own securities of: Northern Star Resources Ltd. I determined which companies would be included in this article based on my research and understanding of the sector.
- Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
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