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The View From The Montana Log-Cabin As Gold Takes Out $2,600 With More To Come

By Nigel Somerville | Saturday 21 September 2024


Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Gold closed the week at $2,621 – another new weekly record high, up from last week’s $2,578 – after the Fed went for the bigger cut of 0.5% to interest rates, essentially admitting it had yet again misread the economy and was now panicking. Short-term Treasury yields nosedived and are already pricing in another cut whilst as can be seen on the chart below of Gold against the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers), Gold stocks are on the rise.
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