Gold price spike?

12/13/2023

[Mount Athos]

Went up a few percent in 6 hours. I suppose it's "only" 3 percent and the end result is just recovering back to where it was a week ago. Still the upward spike seems unusual.

[Mount Athos]

I am totally unqualified to analyze this subject

[JonPreston]

Silver?

[E. Pluribus Unum]

Bitcoin is up about 3.5%. Seems to track gold’s direction most the time.

[jimwatx]

Maybe the crash is near. Someone here said utilities are way up too something that occurs prior to a big decline in the market. End of the year sell off?

[Larry Lucido]

Sure, why not? Buy ya some.

[CFW]

Silver went up as well. Look at the dollar. It went way down today, as did the 10-year bond yield. Dollar goes down in value (inflationary) gold and silver go up. The spike in the markets happened at exactly two o’clock when the fed announced their interest rate plans. Prior to 2:00 most gold stocks were flat are down slightly. Look at the charts of the dollar, the DJIA, the 10-year, and gold prices. You can see it clearly.

Here is the gold chart:

https://tradingeconomics.com/commodity/gold

[kiryandil]

Silver is around $24, which is pretty decent, but not an overwhelming increase.

[TexasGator]

“End of the year sell off?”

Dow up 500 today. Sure sign to see ASAP!

[CFW]

Here is the dollar chart (DXY):

https://tradingeconomics.com/united-states/currency

The 10-year bond yield:

https://tradingeconomics.com/united-states/government-bond-yield

2:00 p.m. FED announcement:

https://tradingeconomics.com/united-states/interest-rate

[Chad C. Mulligan]

I’ve said it before, and I’ll say it again:

Forget gold and silver. Your greatest profits will be realized in lead and brass. Not a joke. Value of ammunition metals has risen far more %-wise than the “precious metals”, and you don’t pay some dealer a commission when buying or selling.

[Retain Mike]

I have always thought of gold as backup to other assets and something to holds through the generations just in case.

[Rockingham]

The fundamentals are simple and easy to understand in the current environment. The Fed stated today that it was not going to raise interest rates in the near term, which means that there will be less pressure against inflation. In turn, higher inflation than expected leads to higher immediate market prices for equities and commodities, with gold benefiting as both a commodity and as a hedge against inflation.

[Chode]

[Reno89519]

Ammunition is a better investment than gold.

[jimwatx]

I admit that I’ve always have been terrible at predicting the market. Those who do the exact opposite of what I predict are probably rich lol.

[ought-six]

“Silver is around $24, which is pretty decent, but not an overwhelming increase.”

If you had bought a Monster Box of 500 silver rounds in 2016 when silver was around $14 an ounce, you’d be sitting on a very nice profit.

[Chad_the_Impaler]

I agree that gold is reacting to interest rates, but it doesn’t seem to be acting like you would expect an inflation hedge to do for the last few years.

[TexasGator]

“If you had bought a Monster Box of 500 silver rounds in 2016 when silver was around $14 an ounce, you’d be sitting on a very nice profit.”

Not as good as the stock market.

[jimwatx]

Gold always trades inversely with the dollar. The announcement that the Fed is planning on 3 interest rate cuts next year means the dollar will head down and gold up. Interest rates are everything.

[theyreallthesame]

Gold is generally, hammered down the days before an FOMC Meeting where a rate cut or no increase occurs. That way, it rises back to the area it was before the “paper sell down” of gold. The FED’s do not want Gold to tell a story.