All Eyes on All Time Highs $GOLD
Happy Wednesday morning!
Gold is already trading at all time highs in most currencies. In USD terms, it is a mere $30 dollars or 1.5% from an all time high. November is earmarked to become the highest ever monthly closing price for gold, surpassing April’s high earlier of this year at $1982. Barring a meltdown before tomorrow EOD it will also mark the first ever monthly close over $2,000/oz USD! As you can see, gold wants to burst through resistance.
Costco
Guess who is now selling gold? Costco. The products they are selling are not sovereign (Brazen only endorses sovereign products for a myriad of reasons) and customers are limited to 2 oz per transaction. Interestingly, they are selling out in the U.S. on a regular basis, often times within hours.
https://www.cnbc.com/2023/09/27/costco-is-selling-gold-bars-and-they-are-selling-out-within-a-few-hours.html
Magnificent 7 Facing Competition
The leaders of this epic bull market in equities continues to be the Mag 7 tech darlings: Nvidia, Apple, Amazon, Alphabet, Tesla, Microsoft, Meta. But if/when gold breaks to a new all time high, it will garner a lot of attention and steal the thunder of yesterday’s generals. To put in perspective how crowded and concentrated investors are to Mag 7, look at the following chart comparing the market capitalization of the precious metals mining complex, the entire energy sector and Apple (just Apple not the other Mag 6).
It won’t take much sector rotation from tech and/or bonds to fuel a new secular bull market in precious metals. Whether that happens now or in the future remains to be seen but when an asset breaks out of a price range after consolidating for years, the moves are often violent.
Brazen Bullion sources physical precious metals for its customers and offers the lowest price in Western Canada on sovereign products. We also insure ship via FedEx to anywhere in Canada. Contact us at silver@brazenbullion.com for your bullion needs.
As always, thanks for reading and keep on stacking!