A new historical record bullish breakout for the gold price index as gold bullion prices jumped to the resistance level of $3350 per ounce, the highest in gold.
U.S. markets closed lower due to Nvidia's warning and Fed Chair Powell's remarks. Retail sales rose, while industrial production declined. Asian markets were mixed. Oil prices rose on supply concerns, gold and silver prices fell. Dow futures up, dollar strong.
Highly volatile, Bitcoin needs to be purchased for at least four years, while gold, which is more stable, can be acquired with a shorter time horizon, which in itself is an advantage in the face of economic uncertainties.
Gold price extended its record streak for the third time in the week as the Greenback weakened due to tensions between China and the US related to trade policies.
The GPIF — the world’s largest pension whale — just dropped a geopolitical bombshell, quietly removing China A-shares from its foreign equity benchmark.
The upward movement is still the strongest, and global geopolitical and trade tensions, along with the weak US dollar, will continue to be drivers of strength for spot gold prices.
Investor confidence is plummeting, recession fears are rising, cash levels are increasing, and US equity allocations are falling, marking the most bearish market outlook in 25 years.
