Gold Surges Above $1300 - Longest Win Streak Since 2011

Gold is up 9 of the last 12 Januaries with an average gain of over 4%...

 

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And so far 2018 is continuing that trend as the precious metal tops $1315 - its highest since late-September.

 

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This builds on last year's best gains since 2010.

Gold futures are up for 12 of the last 13 days and up 8 in a row - the longest winning streak since mid-2011

 

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Gold’s strong run in 2017 came even as U.S. stock markets surged to records and the Federal Reserve increased interest rates three times amid signs of an improving economy. Fed policy makers are projecting another three hikes in 2018, while other central banks around the world have also shifted toward a tighter monetary stance, with the European Central Bank planning to halve its asset purchases starting this month.

 

Comments

eclectic syncretist The_Juggernaut Tue, 01/02/2018 - 15:13 Permalink

Gold certainly seems due for consolidation at least, but with the unprecedented political turmoil seething just below the surface in the US, the ongoing threat of war, and the criminal unconstitutional central banks on the verge of losing control of the dollars' descent into oblivion as they continue interpreting their mandate of price stability as a licence to dilute it further towards zero on a daily basis, it's hardly surprising that gold is steadily rising. What's really surprising is that so many people don't realize what's going on.

In reply to by The_Juggernaut

Albertarocks The_Juggernaut Tue, 01/02/2018 - 16:37 Permalink

They're still here man.  I'm one of 'em, and even though the gold haters are mocking this surge in gold, the gold miners are exploding.  I'm holding about 35 mining names right now and 4 of them were up over 30% today alone.  I think maybe 3 mining stocks I hold were down 1% or so.  Big deal, lol.

I have a bit of cryptos too but I only invested 2% of my meagre wealth into them.  But somehow they are now worth 5% of everything I have.  I find it mind boggling that people become so polarized about cryptos and gold.  Cryptos and gold are on the same team for Christ's sake.  If people can't wrap their heads around why that is a fact there's little hope for them.  It's OK for investors to have some of each... in whatever flavors they like and there is absolutely no reason for the constant bashing.  That's just so juvenile and non-productive.  Best of success to you in 2018.

In reply to by The_Juggernaut

RealChairmanMeow Klassenfeind Tue, 01/02/2018 - 16:06 Permalink

True. With volatility this low, it's all about the dollar. Also, very low mint sales this Christmas, so there's not a lot of interest in gold right now. Gold can't move explosively higher until there is volatility, and people lose trust in crypto. When that happens, $1700 is in play. It's nice to get above $1300 though... maybe i'll have the stomach to look at my mining stocks again soon.  https://longlivethekitty.com/humpty-dumpty-entropy-gold/

In reply to by Klassenfeind

RAT005 YUNOSELL Tue, 01/02/2018 - 15:17 Permalink

It does seem that control to lower Phys prices is getting a little weaker over the last year or so.  I'm sure it will be a long time until there is real price discovery.  I figure if you can still see the manipulation fingerprints they have a lot of strength and time to go.

For instance, I don't think silver becomes a cocktail topic until at least $25.  The cartel has dug themselves a huge discount to enjoy themselves.  They could let it run slowly to $18, smash back to $17 and it would do nothing to hurt them.

ZeroHedge, you made great progress allowing stories to be played by voice readers.  Last week that was a disaster.  But please bring back editing.  The prior protocol that editing was locked after the first reply is a nice way to keep everyone honest while allowing most mistakes to be fixed.  I almost don't want to comment anymore because I don't want to have to live with mistakes.

In reply to by YUNOSELL

Lord Raglan Tue, 01/02/2018 - 14:38 Permalink

the smart money is getting out of bitcoin and into gold and silver.........bitcoin exchanges will be regulated just like the banks, all because of the government's tremendous money laundering fear.  Will relegate bitcoin to debit card status in transactions when all is said and done.........  

Lord Raglan sleigher Tue, 01/02/2018 - 14:55 Permalink

There's a wonderful documentary on bitcoin on Netflix called "Banking on Bitcoin."  Everyone should see it.  It doesn't say that it will be like a debit card.  That is my opinion.  But it does say and show that cryptocurrency exchanges will be regulated just like banks and it will all be because of the government's money laundering fear.  So the privacy aspect to bitcoin, which really just takes banks out as a middle man in a transaction between Mr. A and Mr. B, will eventually be gutted. 

In reply to by sleigher

Blue Vervain Lord Raglan Tue, 01/02/2018 - 14:58 Permalink

I wish I could agree with you but I don't think Western governments give two hoots about money laundering. Revenue collectors go after the little people - particularly the working man - with a vengence. When times get tough they will go after your hard-won savings. You'd better be able to justify every penny you have, because they're coming for you.

In reply to by Lord Raglan

ForWhomTheTollBuilds Lord Raglan Tue, 01/02/2018 - 16:02 Permalink

Some around here have surely heard of Andy Hoffman who did the most wonderful current event rants before he left Miles Franklin to become a full time bitcoin guy.

 

I don't take anyone's gold story too seriously since the market is too opaque, but I like his which was something like:

 

Gold prices are held down by the powers that be because they fear a rising price would undermine confidence in the fiat world, but bitcoin is going to go up so fast and create so much interest that TPTB will freak out and direct all their resources to fighting crypto because it and not gold will be seen as the real threat and the result will be the gold prices will triple in short order and no one will care.

 

It's as good a story as any.  At least as good the 2013 story of "Swiss refineries can't keep up with demand for the new 1KG asian bars because so much gold is moving east, they can't hold it down much longer!!!"

In reply to by Lord Raglan