Gold Powers to a New All-Time High!

As I write this Friday morning, GOLD on the Comex Futures briefly traded over $2,200 an ounce before settling around the $2,172 level. It’s been a spectacular week for the yellow metal.

What is important to understand is why this is happening and how it could finally launch our precious metals junior mining shares, long before the U.S. elections. First, remember last year sometime when I highlighted the fact that the B.I.S. (Bank of International Settlements) out of Basel, Switzerland announced that physical gold is now a Tier 1 Asset within the banking system. This was a huge development but few
understood its true meaning at the time.

From my perspective, what has happened since that announcement by the B.I.S. is the central banks aggressively buying GOLD. Prior to the Tier 1 listing the central banks had been net sellers for many years. In the big picture, this has been a very robust and bullish development for GOLD
despite the fact that for the past year central banks have purchased well over 1,000 tonnes with little in price appreciation until now.

What gives?

This is an excerpt from the March 8, 2024 TMS Hotline
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