Goldman Sachs raised its year-end target for gold to $3,100 an ounce, citing central bank buying, and predicted it could reach $3,300 if economic policy uncertainty persists.
When you look at the gold market, it's a pretty great month— up 4.45 percent. When we look at how the market's come up, it's still the highest high that the market has done so far.
The U.S. Treasury presently “scores” the U.S. Bullion Depository supply of Gold at $42/oz, for a total of $6,174,000,000. That is how much the U.S. Federal Government spends about every 10 hours.
The dominant gold-stock benchmark is nearing a dozen-year secular breakout, with GDX just single-digit-percentage gains away. Gold stocks are nearing that psychological tipping point of self-feeding buying.
You still have the pattern of higher lows and higher highs at work. The question is, can the market accelerate and make the run now to the $3000 level or not?
Ukraine peace talks and related developments will impact the trend of precious metals and base metals. Momentum and sentiment are bullish for gold and silver.
