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.

8/20/2024: Why gold broke $2,500

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Greetings!

For the first time ever, spot gold has closed above $2,500 an ounce. The metal has now risen more than 21% this year and we think its just the start.

With the economy slowing, inflation cooling, and unemployment rising, an interest rate cut from the Fed in September is increasingly expected by major markets worldwide. Treasury yields continue to ease, and the dollar has tumbled to a 7-month low relative to other major currencies, boosting gold to new all-time highs.

The big question now is this: will Jerome Powell telegraph a rate cut during the Feds Jackson Hole Wyoming meeting at the end of this week, boosting gold even higher in advance of their September meeting.

Please join me for this new edition of AGE Gold Commentary as I drill down on market conditions to answer this pressing question. Ill analyze the recent action for gold, silver, Treasury yields, the dollar, and more to understand what we can expect from the Fed and therefore from gold and silver in the coming weeks and months.

You can also view this video on the AGE YouTube channel, which includes a transcript.

Sincerely,

Dana Samuelson
President