Market Update March 5 – Gold Hits New High $2140/oz

Mark Yaxley | Mar 5th 2024, 2:44:28 pm

This Week's Market UPDATE: STRAIGHT FROM THE VAULT. Keep up-to-date with the economic and socioeconomic factors affecting the price of precious metals with this weekly update from industry expert Mark Yaxley, CEO, Strategic Wealth Preservation.

Gold hit an all-time record high of $2140/oz early this morning. Gold has now risen over 5%, or USD $100/oz, over the last four trading sessions.

The yellow metal had already established record highs in most major currencies prior to this morning’s rally. However, breaking the previous record high priced in US dollars is most significant and will capture headlines, potentially bringing more investors to the party.

Analysts are calling this the ‘Quiet Gold Rally’ because it seemingly came out of nowhere. While we did see some slightly weaker than expected US economic indicators last week, it was nothing would typically trigger this type of positive price action for gold.

And this despite the USD Index (DXY) remaining persistently strong near the 104 level.

Gold continues to benefit from strong demand from both central banks, who perceive growing macro risks, and from private investors seeking physical metal, particularly in China and eastern countries.

Silver is currently above $24/oz, which is encouraging, but lower than most silver bugs would expect, given that gold is pushing all-time highs. Silver is 50% lower than its all-time high, so there is definitely some potential upside there.

Follow Mark on Twitter @YaxleyYax


Mark Yaxley, CEO of Strategic Wealth Preservation (SWP), began his journey in precious metals with Kitco Metals in 2006. Co-founding SWP in 2014, he now guides individual and commercial clients towards their investment goals. Renowned for his 'Inside the Vault' YouTube series, Mark has helped millions gain insights into gold and silver bullion ownership.


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