Gold Surpasses $3,000, Silver Tops $34—Notable observations from a Bank’s (and our) Desk

The Rally is Real,

Intro:

Spot gold has broken above $3,000 for the first time, following last night’s futures action. This marks a significant milestone, with strong buying pressure in the London session driving the move before U.S. markets opened. This morning we noted next realistic targets above. Now we take a macro look with the help of some “friends” in observing the circumstances accompanying today’s rally and risks associated with current price.