Gold Tops April High; $2,450 still in the Cards

 

Beyond the Gate

Friday, May 5, 2023 PM

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I'm still bullish gold in the near term.

Here's what Chief Editor Neils Christensen said in this his Kitco Weekly Gold Survey:

"Richard Baker, creator of the Eureka Gold Miner's Report, said he is bullish on gold as the U.S. continues to inch closer to a government default the longer the debt limit debate goes on. He added that this uncertainty will continue to support gold, similar to what happened in 2011.

'We've seen this Congressional kabuki dance before - the 2011 U.S. debt crisis drove gold prices to a new record,' he said. 'Congress must raise or suspend the debt limit to avoid market calamity, but both sides of the debate remain intransigent. If cooler heads prevail and a default is avoided, gold prices could quickly fall back to earth. In the meantime, I standby last week's prediction that gold could reach or possibly surpass $2,450 in the coming weeks.'

My contrarian vote was a move up to $2,080 sometime next week. 

Comex gold futures are presently $2024.80 for June.

On a closing basis, Thursday gold inched out April's high of $2,055.30 (4/13) by 40 cents touching $2,055.70

Rock on Miners!

Gold $2,450 in the Next Several Months

 

Eureka Shadows from the Past

Saturday, April 29, 2023 AM

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I'm in good health at 75, “rumors of my demise have been greatly exaggerated.” 

That's almost an exact quote from Mark Twain, it has been tweaked some over the years. Good enough for ranch work!

After a two-year hiatus, the ole Colonel couldn't help but jump back in to put his two bits on future gold prices. Here's what Chief Editor Neils Christensen said in this his Kitco Weekly Gold Survey:

"Looking beyond U.S. monetary policies, Richard Baker, creator of the Eureka Gold Miner's Report, said that the ongoing debt ceiling debate poses a significant economic risk and could support gold prices.

"History may not repeat but looks set to rhyme in the next several months. The "raising the debt limit debate' will raise gold prices to $2,450 or beyond," he said. It is important to remember that a U.S. debt downgrade and not default set the ball rolling to record gold prices in 2011. Perceived inability to govern was the catalyst."

My contrarian vote was a move up to $2,010 sometime next week. Here's what I wrote in 2011 when gold prices scored a new record on the heels of that U.S. debt debate:

$1,898.60/oz Gold; $44.09/oz Silver; Miners See Sunlight Above (Eureka Miner, August 23, 2011)

Comex gold futures are presently $1,999.10 for June.

Rock on Miners!