Gold has been breaking records throughout 2024, marking significant milestones in its price trajectory. In March, the spot price surged to $2,160 per ounce. April started with even greater heights as gold soared to an all-time high of $2,265 per ounce. Recently, on May 20, gold peaked at an astonishing $2,435 per ounce, further solidifying its bull run. Year-to-date, gold futures have rallied nearly 13%, reflecting strong investor interest amid global economic uncertainties. Conversely, silver has exhibited more subdued price movements than gold's volatility. After reaching a high of $31.49 last Friday, silver retraced slightly on Monday but remained within the previous trading range.
The recent bullish reversal in the weekly timeframe suggests the potential for further upside despite its quieter performance relative to gold. What's particularly noteworthy amidst these price dynamics is the shifting locus of pricing power in the precious metals market. According to famous analyst Bob Moriarty, the pricing influence has now gravitated towards Shanghai, traditionally dominated by Western markets like London and New York. Chinese markets, increasingly pivotal, are shaping the pricing dynamics of both gold and silver. This transition underscores China's growing role in global commodities markets.
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Credit: CapitalCosm
🔴 A Hard Message To Gold & Silver Buyers... | Bob Moriarty
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