Gold prices have skyrocketed, surging over 50% in just 14 months to hit fresh all-time highs. The metal’s market cap has now crossed a jaw-dropping $20 trillion — a first in history.
Gold Defies Gravity
What’s unusual this time? Gold is climbing alongside the U.S. dollar and bond yields—a rare divergence that’s raising eyebrows across Wall Street, reported The Kobeissi Letter.
Furthermore, physical gold buying is SKYROCKETING.
Gold inventories in the 3 largest COMEX gold vaults just surged by 15 MILLION ounces in 2 months.
What was also noted is that physical gold buying is off the charts. Inventories in the three largest COMEX vaults spiked by 15 million ounces in just two months—a 115% surge that pushed holdings above 2020 pandemic levels.
Meanwhile, China’s gold reserves hit a record $73.5 billion, while India’s reached $70.9 billion. Central banks worldwide are piling in, with 2024 marking the third consecutive year of 1,000+ tonnes in net gold purchases—an unprecedented streak, The Kobeissi Letter notes.
Anglogold Ashanti PLC (NYSE:AU) just formed a golden cross, where its 50-day moving average crossed above its 200-day. AU’s share price of $32.02 sits well above both its 50-day SMA of $27.37 and 200-day SMA of $27.01, signaling bullish momentum.
The iShares MSCI Global Gold Miners ETF (NASDAQ:RING) also triggered a golden cross. Currently trading at $35.30, RING’s price outpaces its 50-day SMA of $31.22 and its 200-day SMA of $30.85.
