Gold hit a new high today as investors continue to flock to the metal leading up to the Fed’s expected rate cut in September.
| | | | | | | | | | | | Gold Has Hit A New High
Gold hit a new high today as investors continue to flock to the metal leading up to the Fed’s expected rate cut in September.
Now, keep in mind Jerome Powell is set to speak this upcoming Friday and investors are looking for any signs or hints as to what can be expected at September's FOMC meeting.
The spot price for gold surged above $2,525 per ounce on Tuesday while gold futures slated for December delivery climbed above $2,560 per ounce.
Gold purchases by banks hit a record high in the first quarter of this year and have helped to drive up gold prices further while turbulence in the economy and political landscape have helped to drive more investors towards the safe haven asset.
In fact, gold futures are already up over 23% this year making gold one of the best-performing metals of the year:
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The Chief Investment Officer for the Americas at UBS had this to share:
“We see gold prices rising to USD 2,600/oz by the end of 2024 amid firm demand from central banks and a likely rise in activity from exchange-traded funds.”
So, why does that matter?
Well, if you’ve been following my trades you’ll know that I’ve been dabbling with gold some lately and, in fact, we put on a gold trade this past Friday that’s doing quite well.
And gold still has quite a bit of room to run. The next catalyst for gold is expected to be Jerome Powell’s press conference on Friday at the Jackson Hole Economic Symposium.
Investors are looking for any sign of a rate cut by the Federal Reserve next month.
And today, according to the CME FedWatch tool, there is a 71.5% chance the Fed will reduce rates by 0.25% at September’s FOMC meeting. Meanwhile, the likelihood of a 0.50% cut stood at about 28%.
On the gold front, the anticipation of potential rate cuts is what is driving investors toward gold as a safer asset.
In fact, gold-backed ETFs have now seen inflows for three months in a row as Wall Street and big banks begin preparing for rate cuts.
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| | | | Hopefully for the sake of our positions in gold, the big banks and Wall Street will be right.
By the way, I highly recommend you subscribe to my free telegram if you haven’t already, there I post market commentary, trade ideas, and more – all for free.
Click here to join!
— Nate Tucci
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Gold Has Hit A New High
Gold hit a new high today as investors continue to flock to the metal leading up to the Fed’s expected rate cut in September.
Now, keep in mind Jerome Powell is set to speak this upcoming Friday and investors are looking for any signs or hints as to what can be expected at September's FOMC meeting.
The spot price for gold surged above $2,525 per ounce on Tuesday while gold futures slated for December delivery climbed above $2,560 per ounce.
Gold purchases by banks hit a record high in the first quarter of this year and have helped to drive up gold prices further while turbulence in the economy and political landscape have helped to drive more investors towards the safe haven asset.
In fact, gold futures are already up over 23% this year making gold one of the best-performing metals of the year:
The Chief Investment Officer for the Americas at UBS had this to share:
“We see gold prices rising to USD 2,600/oz by the end of 2024 amid firm demand from central banks and a likely rise in activity from exchange-traded funds.”
So, why does that matter?
Well, if you’ve been following my trades you’ll know that I’ve been dabbling with gold some lately and, in fact, we put on a gold trade this past Friday that’s doing quite well.
And gold still has quite a bit of room to run. The next catalyst for gold is expected to be Jerome Powell’s press conference on Friday at the Jackson Hole Economic Symposium.
Investors are looking for any sign of a rate cut by the Federal Reserve next month.
And today, according to the CME FedWatch tool, there is a 71.5% chance the Fed will reduce rates by 0.25% at September’s FOMC meeting. Meanwhile, the likelihood of a 0.50% cut stood at about 28%.
On the gold front, the anticipation of potential rate cuts is what is driving investors toward gold as a safer asset.
In fact, gold-backed ETFs have now seen inflows for three months in a row as Wall Street and big banks begin preparing for rate cuts.
 Hopefully for the sake of our positions in gold, the big banks and Wall Street will be right.
By the way, I highly recommend you subscribe to my free telegram if you haven’t already, there I post market commentary, trade ideas, and more – all for free.
Click here to join!
— Nate Tucci |
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