It's FINALLY STARTED! The Bullion Banks Just Declared War on Your Gold & Silver - Vince Lanci
It's FINALLY STARTED! The Bullion Banks Just Declared War on Your Gold & Silver - Vince Lanci
Gold prices surged past the 2,400 dollar mark on Wednesday before retracing slightly to the 2,388 dollar range. The Gold/Dollar index displays remarkable strength on the charts, delivering substantial profits to investors throughout 2024. This uptrend in the precious metal is bolstered by escalating tensions in the Iran-Israel conflict, fueling heavy buying pressure.
In a recent report, leading global bank Citi Group forecasts that gold prices will soar to 3,000 dollars per ounce within 18 months. This projection suggests a significant bullish sentiment prevailing among major bullion banks, exemplified by Citi Bank's stance.
Market trader Vince Lanci interprets this as a cultural shift within these institutions, signaling a more positive outlook on gold.
Despite consolidation of around 2,400 dollars per ounce, the gold market remains resilient amidst stagnation in the US housing market, as indicated by the latest data from the National Association of Realtors. Lanci emphasizes that central banks increasingly recognize clients' demand to include gold in their investment portfolios.
Aakash Doshi, Citi North America Head of Commodities Research, echoes this sentiment in an interview, stating, "We believe the risk skew favors further upside for gold." He anticipates that financial macro factors will align with the solid physical demand that has recently supported the gold market. Doshi suggests that the risk-reward ratio leans towards higher gold prices, especially as hawkish monetary policy measures seem to be reaching their peak. Additionally, he highlights the Federal Reserve's inclination to maintain 10-year treasury yields below or at 5%, implying continued support for gold in the prevailing economic environment.
Gold prices have rebounded from recent losses, with the precious metal trading around 2,370 dollars per troy ounce during Thursday's Asian session. Amidst escalating geopolitical tensions in the Middle East, traders are turning to gold's safe-haven appeal.
Vince Lanci highlights a crucial moment for gold as it nears a significant trendline on the hourly chart. Buyers are urged to proceed cautiously until gold breaks above this line, as a breach below could indicate short-term bearishness. Additionally, Federal Reserve Chair Jerome Powell's recent remarks on limited inflation progress suggest a potentially hawkish stance, potentially affecting gold prices negatively due to higher interest rate expectations.
Vince points out that silver follows a comparable trend to gold, albeit with a less pronounced slope. This suggests that silver may be more susceptible to downward pressure than gold. Bears could target silver to exert downward pressure on precious metal prices.
The silver price opened at 28.62 dollars per ounce, reflecting a 0.51% increase from the previous day and marking a significant 19.60% increase since the beginning of the year.
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