Gold's About To Shock Us All! Your Gold & Silver Are About to Become Truly "Priceless" - Gary Wagner
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On Thursday morning in Europe, gold prices reached a weekly high, aiming to recapture the pivotal resistance of the 50-day simple moving average. This surge is driven by recent U.S. macroeconomic data indicating signs of easing inflation and a slowing economy, fueling speculation that the Federal Reserve might cut interest rates twice this year. These factors have directed investment flows towards the non-yielding yellow metal.
Gary Wagner, editor of thegoldforecast.com, attributes the sustained value of gold to a growing lack of confidence in fiat currencies. Gold is increasingly seen as a currency in its own right rather than merely a hedge against inflation. Wagner explains that gold has risen approximately 12% year-to-date, and despite this impressive increase, many investors intend to continue investing in the precious metal.
China's ongoing gold-buying spree highlights its strategic move to diversify its reserves. Recent data shows this trend is not limited to China; countries such as Turkey and several Middle Eastern nations are also significantly increasing their gold reserves. Wagner notes that the substantial movement in gold prices can be largely attributed to record-level purchases by central banks, particularly in India and China. However, these purchases alone do not account for the sustained high prices.
The Congressional Budget Office projects this year's budget deficit to be roughly $2 trillion, $400 billion more than forecast in February and $300 billion larger than last year's deficit. This is unprecedented given the growing economy and nearly flat defense spending. The deficit this fiscal year will be 7% of GDP, a figure that exceeds levels seen during some recessions. Wagner suggests that while reducing national debts and adhering to fiscal discipline could potentially alter this dynamic, historically, nations have struggled to maintain such measures. Consequently, the preference for gold and other stable assets will likely persist as a hedge against the ongoing devaluation of fiat currencies.
Join us as we delve into Gary Wagner's insights.
Gary Wagner compares the current gold market dynamics to those from a decade ago, notably the rise to $1,900 in 2011 followed by a drop to $1,200 between 2011 and 2015. It took over six years for gold to recover and surpass previous highs. Today, gold prices are pushing above initial resistance levels despite disappointing economic data, with the market last trading at $2,350.50 an ounce, up 0.15% on the day.
The gold market has shown resilience, consolidating and largely ignoring economic indicators. This behavior suggests that the recent corrective decline may be over. If gold continues its upward trajectory, it could surpass the $2,360 to $2,362 zone, reach the $2,387 to $2,388 intermediate hurdle, and aim for the $2,400 mark.
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