After Fruday's mayhem, gold in AUD continues to rise. But the upper wick on Friday a cause for caution.
Time to revisit this thread considering Gold going parabolic of late. When any marketable instrument goes parabolic it becomes a problem. Nearly always a sign of boom and bust. Considering the global political situation we are in now, it pays imo to be cautious about predicting anything, boom or bust. There will be some who at the first sign of the next pullback will want to short gold. That may turn out not to be a smart move. We are entering a climate of war it seems. Trump the 'peacemaker' and Netanyahu the man leading the country 'Chosen by God' along with Russia, China, NK, Taiwan, Phillipines, Ukraine, Iran, Canada, Greenland, Panama Canal, along with some shit countries in Africa make for interesting times. We have atrocities being committed daily in Gaza and no one gives a shit. What does that say about todays politicians and their wise leadership. We are entering fucked up days, anything can happen when we have madmen behind the wheel. Not gonna make any predictions.
Favorite Gold stock Mick? I'm looking at the GLD, and it sure looks like it wants to run. What's the best individual stock though, if gold takes off? #380 Jul 11, 2024 Just adding the date for you Van. Lazy thousand dollar move.
What about AEM ? I can’t remember the ticker but there was a gold stock that went ballistic a few years ago. That was HMY I believe. Well it’s already up 115% YTD.
I've already mentioned AEM which is mining a rich goldmine in Victoria Australia amongst other locations around the world but is not listed on the ASX. For ASX there are several my wife and I like and trade. However there are a good + 300 gold stocks listed and too many to bother to list, I'll just mention a couple which should fly from here imo, only going to mention potential multibaggers. RXL, VAU, SMI, MEK, HRZ, MM8, KSN.
Last week was a rather explosive gap up move through the previous high. Thought Monday it would pullback a tad. But not so.
WASHINGTON — President Donald Trump repeated his attacks Monday against the chair of the Federal Reserve, demanding that the central bank lower its key interest rate to boost the economy. Trump called Powell “a major loser” and said that energy and grocery prices are “substantially lower” and “there is virtually No Inflation.” Yet Trump said the economy could slow without rate cuts. Gas prices have fallen for the past two months, in part because oil costs have dropped on fears of slower growth, but food prices jumped in January and March and overall inflation remains above the Fed’s 2% target. Trump’s comments drove the stock market and the dollar lower as investors in the U.S. and overseas grow increasingly wary about the economic standing of the U.S. On Friday, a top White House adviser said the administration is studying whether it can fire Powell, a move that would undermine the Fed’s independence and likely send shock waves through global financial markets. Markets, which had already been heading sharply lower Monday, tumbled further after Trump’s post, with the broad S&P 500 stock index down 2% in early trading.