At the beginning of October, a troy ounce of gold was still available for around USD 1,840. The rally then began, followed by a significant correction in mid-November, with the price reaching USD 1,960. The correction is now over. In the meantime, the gold price has even jumped to a new all-time high. The weekly closing price above USD 2,081 could result in a follow-up buy signal. Short-term price setbacks are of course also possible, with support at USD 2,043 according to the chart technicians. However, it appears that the price rally in the precious metal can no longer be stopped. Gold and silver have therefore become significantly more expensive, with gold as a safe haven gaining more than silver. But both metals have put in great performances.
The reasons for the rise in prices are obvious. The US national debt has reached a record level, with more than 34 trillion US dollars on the books. According to calculations, almost a third of US government debt will fall due within the next twelve months. This is putting pressure on US interest rates. The national deficit has risen dramatically. If you add in the geopolitical crises, the weakening US dollar and the Fed's upcoming change of course, the chances of higher gold prices are excellent. This also applies if profit-taking weighs on the gold price in the short term. In addition to owning physical gold, there should also be some gold shares in the portfolio, for example from GoldMining or Osisko Development.
GoldMining - https://www.commodity-tv.com/ondemand/companies/profil/goldmining-inc/ - has gold and gold-copper properties in the USA. It also has shareholdings in Gold Royalty, U.S. GoldMining and NevGold as well as a uranium project in the Athabasca Basin.
Osisko Development - https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/-, already a producer, operates projects in Mexico, Canada and the USA. The company sold almost 3,900 ounces of gold in the third quarter of 2023.
Current company information and press releases from GoldMining (- https://www.resource-capital.ch/en/companies/goldmining-inc/ -) and Osisko Development (- https://www.resource-capital.ch/en/companies/osisko-development-corp/ -).
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
Disclaimer: The information provided does not represent any form of recommendation or advice. Express reference is made to the risks in securities trading. No liability can be accepted for any damage arising from the use of this blog. I would like to point out that shares and especially warrant investments are always associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. Despite the greatest care, I expressly reserve the right to make errors, especially with regard to figures and prices. The information contained herein is taken from sources believed to be reliable, but in no way claims to be accurate or complete. Due to court decisions, the contents of linked external sites are also co-responsible (e.g. Landgericht Hamburg, in the decision of 12.05.1998 - 312 O 85/98), as long as there is no explicit dissociation from them. Despite careful control of the content, I do not assume liability for the content of linked external pages. The respective operators are exclusively responsible for their content. The disclaimer of Swiss Resource Capital AG also applies: https://www.resource-capital.ch/en/disclaimer/