We Live in Interesting Times

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Gold has been on a parabolic run since October last year, rallying from near the $1,800 level to score consecutive back-to-back all-time record highs – not once, not twice, but on 37 separate occasions, so far this year.

Yes, you read that correctly. That’s 37 all-time record highs, so far in 2024.

On Tuesday, Gold prices skyrocketed to a new all-time record high of $2,758 an ounce, surpassing the precious metals previous all-time high of $2,749 an ounce reached only a day earlier – extending its gains by an impressive 53%, from this time 12-months ago.

According to GSC Commodity Intelligence – “Gold’s record-breaking run has been nothing short of impressive. Never before in history have we seen the precious metal score multiple back-to-back all-time record highs in such a short space of time”.

Phil Carr
October 24, 2024
Will The New BRICS Currency Supercharge Gold Prices? | FXEmpire

Of course, another way to read this is that the dollar has reached a new low.

Prepare appropriately.

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10 thoughts on “We Live in Interesting Times”

  1. Inflation-adjusted, it’s not so spectacular. But it is still a data-point that is pointing to the inflationary end-game is approaching faster every day. Gold will hit $3000 before it goes back to $2500.

    Relatively speaking, silver has been lagging, which is typical. But it is solidly above $32 an ounce. I expect it’ll hit $40 much sooner than it’ll pull back and close below $28. Silver has been set up for a serious squeeze for quite a while. Once that gets seriously under way, the rules will change but it’ll still take off. Election-related fear could easily push it to $45 by the end of the year, but I’m not really expecting that. If it does, though, I’d not be shocked if it hit $100 next year.

    Exciting times. Hold some precious metals (Au, Ag), base metals (particularly Pb and Cu, IYKWIMAIKYD), cash, more storage food than you might normally do. And, if you haven’t already, might be a good time to read the Bible and get baptized. Bumpy time on the horizon.

    • Here’s another way to say that:

      “Inflation adjusted, there is *no* inflation”.

      silly

  2. “Of course, another way to read this is that the dollar has reached a new low.”…. Yup.
    How much did I work for the dollars, I bought the gold with? That is the real skim. From labor to gold. One needed a medium. And that’s where every real crook on earths fights to be in control of.
    When it’s measured over time. One sees labor lagging in wages to catch inflation. Then how much can be purchased with that wage?
    Never enough. But just enough. Kind of.
    Keynesian economics at it’s finest.
    I had a friend that bought gold at $300.00 years ago. It’s $2700.00 today. But he ain’t a penny richer. The real rich already got theirs from him in the work he did to buy it.
    He’s just doing better than the rest of the herd by kind of keeping up with inflation.
    No matter. Keynes and Von Mises both said the medium is either going hyper-inflated. Or it crashes. But it ends no matter.
    If and who get blamed is the real problem they need to cover up. And that distraction for cover is always ruinously evil. Murderous.
    Truamatic enough that your whole nation will be glad to just find some kind of new normal. It works.
    No matter the price, of anything, you need to remember you’ve been raped, lied to and stolen from. And the rich man’s/government game is getting you to forget that’s exactly what happened.

  3. Metals, including brass and lead, are not a great investment. Viewed as an insurance policy, they have a lot of merit.

    • Metals have merit BECAUSE there are *no* “great investments”.

      In a financial collapse, your concern is return *of* investment, not return *on* investment.

  5. The dollar will collapse before gold returns to prices we saw last year. Silver is also not going to diminish in price. Nothing demonstrates the insidious reach of inflation like the price of gold/silver. I fully expect once the collapse becomes undeniable for the criminal in power to pull out all the stops in an effort to stem the tide….so they can continue looting the Treasury. This will include an edict banning the private ownership of gold, silver and perhaps other such items. FDR did it so they already have the precedent to call on. If you think life over the past 4 years has been hell just wait. What’s coming even Trump won’t be able to stop….and the left won’t really try if they stay in power.

    • It is a different America than FDR’s. I doubt people will comply with the the confiscation of gold. At least physical gold. There is all sorts of paper gold with a trail.

      • A paper trail for gold that you THINK you own is a bad joke.

        Some years ago, Germany decided that they wanted their gold back, that we had been holding since the end of ww2. Supposed to be sitting in the NY Depository. All they found was a bunch of paper IOU’s that didn’t actually lead anywhere. I never saw how this was handled, but I’m pretty sure that the US had to make restitution in some fashion. This was gold that was measured by the TON, and lots of it.

  6. Gold is real, and physical. As such, nothing about it can ever be “infinite”.
    The US$ is *not* “real”, and the price of gold in US$ will actually achieve infinity one day, because no one will accept US$ in exchange for gold.

    Long before that day, people will stop measuring the “value” of things in US$.
    Chicken eggs are too cumbersome a substitute, but otherwise far more practical a measure.

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