2024 1st Quarter Gold Report: Yeah Baby!

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Folks, this isn’t rocket science.

In periods of monetary, credit, and related political dysfunction and instability, gold still is the safest asset on earth.

Before all my crypto friends attack me, just let me know if you ever watched any end of civilization movie or series and found working cell phones to conduct commerce with.

Now that that vent is over, let’s look at the charts and see what happened in the first quarter of 2024 with the most precious of metals.

The recovery thanks to the sheepish moves and responses by the Fed in October of 2023 provided a solid base for the surges that followed. In fact with each Fed meeting after October, it seemed they promoted the idea that speculation in real estate and equities, crypto and crappy bonds, was much more important than a stable currency and embedded inflation.

As I stated in the past, a solid weekly close above $2200 would and could result in a bullish explosion. To end the 1st quarter of 2024, gold rallied furiously and solidly closed above $2200 per ounce and even tonight, continues to rally. This is the breakout phase, potentially on light contract volume until the second week of April, which will pave the way for a new, new all time high above $2500 per ounce in Q2.

While those of us who sing the praise of fellow goldbugs and cheer this event on, remember the higher precious metals move, the greater the indicators of global economic and political instability.

In the mean time, pardon me while I have a childhood flashback and remind everyone of what us goldbugs and investors see when the Fed Death Star gets closer with each mistake Darth Powell makes.