Goldman Triples Down, Raises Gold Target

PM Posts | Gold, Election Uncertainty, Germany

Oct 30, 2024

∙ Paid

Housekeeping: This is the PM GoldFix post combining AM emails with additional intraday posts.

`Recap:`

Gold hit another fresh All Time High today as election fever begins to take hold, topping out at $2,790 before trading last at $2787 around 5 p.m. ET.

Silver was sold by many who bought Gold today as well as many who were already long gold to close down almost 2% at $33.76 in spot. As unfathomable as this seemingly insane divergence is, it is without a doubt what the world is doing as the election nears. People (Funds, CTAs, Retail, and Bullion Banks) are selling Silver. This is complete Herd-like behavior on display.

No doubt one of the drivers today was a fresh report by Goldman out last night which we liberally excerpt from at bottom and will make available to Premium subscribers tomorrow.

The Bank raised their target for Gold yet again by $200 for Q1 2025.

Continues at bottom…