Spot gold peaked at $1,176.40 an ounce in New York on Thursday. It also hit a record peak in Swiss francs at 1,281.19 francs an ounce. It is up 5.3 percent in April, its biggest one-month rise since November 2009, as credit ratings downgrades of Greece, Spain and Portugal unleashed a wave of risk aversion, funneling money into gold.
Gold is now on track to move back toward the December high, a record peak of $1,226.10 an ounce.
Gold closed UP on Friday which is very significant for three reasons:
Not only was it a “Friday close,” it was also the last day of April. That means the weekly charts will confirm the recent breakout and this will also be an all-time high close on the monthly charts too! This is the kind of technical data that influences the traders to jump back into the game. A test of the old highs at $1,218 should take place soon. With the physical market as strong as it is I think the battle should be a short one.
Both gold and silver are about to take center stage in the investment world as the reasons to own both precious metals are growing stronger by the day. It is only a matter of time now before gold and silver will be “the go to” investments all over the world.
The picture says it all!
I want to bring to your attention the latest “Angel” chart from Jim Sinclair. He has presented variations of this chart for the past five years, but this latest up-to-date version is different from his previous charts. In the past, the highest priced brick of gold being tugged on by the Angel with the “gold magnet” was $1,650. Sinclair’s latest chart shows five new and higher levels, topping out at $2,025. He has been writing that his previous high of $1,650 was “too low,” and now he is giving you his road map to gold’s future in the next year or two. This is your guide to the future rise in gold. It lays out all of the “resistance” points and there will be a battle-royal at all of them, but none will be a top. Save this chart and let it help direct your investment decisions from here on.