new highs for gold

Still No New Highs For Gold Since 1980

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ALL-TIME HIGHS FOR GOLD 

The intra-day high for spot gold in 2024 is $2785 oz. That is an increase of 34% over its closing price of $2062 oz at the end of 2023. Indeed, gold holders are happy campers and their confidence and trust is emboldened and confirmed.

As the gold price continued to climb throughout the year, the financial media, particularly in the gold space, has treated us to a barrage of headlines regarding “new, all-time highs” for the yellow metal.

In truth, the all-time high for the gold price was set in 1980; and, it has never exceeded that price point since 1980. 

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I Bought A Stock (AU) At 20; Now It’s 23 – Am I Rich?

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I BOUGHT A STOCK (AU) AT 20…

…Now, it’s 23. I must be rich. That sounds ridiculous and it is. But, that is how some gold bulls sound when talking about “new highs” for the yellow metal. At least one analyst mentioned the “four year wait” for gold’s breakout, so let’s go back to 2020. More precisely, August of 2020. If anyone had bought a stock which was predicted to “break 20 and go straight to 30” would it have generated the same excitement that predictions for gold to go from $2000 to $3000 did? Not likely; but that did not stop the torrent of predictions and hyped expectations for the rocket launch that some expected. Calls for $5000, $10,000, and higher stoked the fever and emotions of anxious investors.  Alas, we all had to wait for almost four years. Now, those same anxious investors are hoping the rocket launch hasn’t aborted – again.

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