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Gold Is on the Rise and Reaches All-Time High
For the quarter ending March 31, 2024, gold bullion rose $166.89 (or 8.09%) to close at $2,229.87, an all-time closing high. After testing the $2,000 gold level several times in 2023, gold closed above that level in December and has not looked back. Several factors are pressing gold to new highs. Simplistically, a massive, relatively price-insensitive buyer (central banks and sovereigns) is providing persistent support. At the same time, another large cohort (investment funds as represented by CFTC7and ETF positioning) is essentially caught in a short squeeze.8 Aiding the gold price are signs that the U.S. dollar ... (full story)
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- Posted: Apr 2, 2024 4:58pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 452
