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.

5/6/2024: Gold eases on profit-taking

Source:

Greetings!

Gold has corrected lower following its relentless surge to all-time highs a few weeks ago. As tension in the Middle East eased, so did the gold price, with traders taking short-term profits from its extraordinary rally.

But while there is a current respite in global tension, it could easily flare back up at any time—and so could the gold price, which is holding support at $2,300 for now.

Meanwhile, it appears that cracks are starting to appear in US economic strength, with jobs and GDP easing lower. Other economic data reveal some conflicting information, however, suggesting an economy in transition. The big question is whether the Fed regains confidence that inflation is headed back down.

While fundamentals remain strong for gold and silver, the same may not be true for the US economy. In this edition of AGE Gold Commentary, I detail the drivers behind the current correction in gold and silver and explain why it’s a healthy—and probably short-lived—phase in this historic bull market.

In addition, I'll analyze the latest charts to give you a clear idea of the support and resistance levels for gold and silver, so you know just what to expect in the coming weeks and months.

And finally, I'll alert you to an excellent opportunity in sovereign-minted silver coins. We're offering 2023 South Africa Silver Kruggerands as low as $2.79 over spot in quantity. These popular 1-ounce bullion coins are the last of the 2023 mintage and we're blowing them out to make room for 2024. So get 'em while they last!

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