Gold is the leading precious metal. Moreover, gold is a hybrid, a worldwide financial asset, and an industrial metal with many applications. In my Q1 report on precious metals on Barchart, I wrote, “Gold is a special case—Expect new record highs.” Nearby June COMEX gold futures settled at $1,969 per ounce on March 31, 2023. In April and early May, the precious yellow metal has been consolidating with the $2,000 per ounce level as a pivot point.
Gold’s bull market is coming up on a quarter of a century. In 1999, the nearby futures found a bottom at $252.50 per ounce when the U.K. foolishly sold half its national stockpile via an auction. Since then, every downside correction has been a buying opportunity, leading to new nominal all-time highs. The most recent record peak came in March 2022 at $2,072 per ounce. After correcting to $1,613 in September 2022 because of rising U.S. interest rates and the strongest U.S. dollar in two decades, gold has climbed higher and is now back on its bullish path to new highs.
