Please Follow us on Gab, Minds, Telegram, Rumble, GETTR, Truth Social, X
Tailwinds and headwinds this week for physical precious metals
Tailwinds
New home sales were lower in October versus September.
The UBS investment bank forecast gold to reach $2,900 in 2025.
TD Bank of Canada sees strong upside for silver next year.
Gold is up over $111 from its mid-November low and is over $247 above its 200-day moving average and is up over $612 (30%) in 2024.
Silver is up over 59 cents from its mid-November low, and is over $2.06 above its 200-day moving average and is up over $7.06 (29%) in 2024.
Headwinds (Mostly focusing on the FED)
This week the Personal Consumption Expenditures Index for October was released with the core number, which is the FED’s preferred index number, at 2.8% in October versus September’s 2.7% annual rate. Going in the wrong direction for the FED to lower interest rates sooner. The minutes from their last meeting, also released this week, emphasized this point.
Central Bank Digital Currencies are failing at central banks worldwide says an article in the Financial Times from 11/26/24. It can be found with an Internet search. The link is not able to be copied and pasted.
Summary
As of this writing, November 29, 2024, the metals continue their upward march from their mid-November lows. As many of you know, one of my mantras is nothing goes up in a straight line or down in a straight line. Volatility in the metals with the recent US presidential election is not unexpected. My opinion continues to be metals are a longer-term hold with more upside potential.
Subscribe to our evening newsletter to stay informed during these challenging times!!
