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Brien Lundin: Gold stands fast
By Brien Lundin, Editor
Gold Newsletter / Golden Opportunities
Metairie, Louisiana
Wednesday, April 10, 2024
It's another crazy day in crazy times.
Today's Consumer Price Index beat expectations to the upside, with the headline number for March coming in at a 3.5% annual rate compared to February's 3.2%.
The market reaction was violent: Stocks dove while the Dollar Index and Treasury yields leaped higher.
It today's Bizarro world, where higher inflation is viewed as bearish for gold (because it encourages hawkish Fed policy), you couldn't imagine a stiffer headwind for the yellow metal.
... Dispatch continues below ...
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So it wasn't surprising to see it immediately dive over $20 after the release of the CPI data.
What was surprising, at least for the mainstream talking heads in the media, was how gold quickly ate back those losses, even trading briefly in the green. Silver, which has been on a red-hot streak in recent days, essentially duplicated gold's performance today.
As I write, both have been pushed back down, but I certainly wouldn't be surprised to see both metals bounce back higher.
The reason? Because the factors driving this bull run in gold are different -- and more powerful -- than anything we've seen before. And the buyers are concerned with other issues than U.S. inflation and Fed policy. ...
... For the remainder of the analysis:
https://goldnewsletter.com/go041024/
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