AGE's Gold Commentary

AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.

4/9/2024: Is the canary singing?

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Greetings!

Gold has surged another $150 over the past two weeks, hitting a series of new all-time highs above $2,300 an ounce. Silver's rally has been even stronger, rocketing more than $3 to nearly $28 an ounce for a gain of almost 14%.

These stunning gains have come despite sharp increases in Treasury yields and the dollar, which are typical headwinds for gold and silver. Truly, this has been the most relentless, impressive, and in some ways mysterious rally that I can remember in my 44 years of trading these markets.

So what's driving this historic rally? Will it continue? When gold runs hot like this, it's usually in reaction to something negative economically or geopolitically, but what? Is gold singing like the canary in the coal mine?

In this edition of AGE Gold Commentary, I'll dig deep into recent market developments that are driving gold to record highs. We'll talk about gold buying by central banks, retail purchases by overseas investors, and safe-haven demand spurred by rising geopolitical turmoil. And we'll analyze the recent charts to see just where this rally might lead in coming months.

I'll also alert you to some outstanding opportunities in the current gold market. Premiums (or price above gold content) on $20 Saint-Gaudens in MS64 and $20 Liberty in MS63 grade have compressed to historic lows because of gold's rapid rise. This makes them exceptional values relative to gold bullion, with the potential to deliver outsized gains as premiums expand toward normal levels.

Please call us at 1-800-613-9323 and we'll be happy to help you.

And please join me for this brief but important Gold Commentary by clicking the link below. You can also view this video on the AGE YouTube channel, which includes a transcript.

Sincerely,

Dana Samuelson
President