Gold Spikes To Record High

12.4.23 - Gold Spikes To Record High

Gold last traded at $2,068 an ounce. Silver at $25.43 an ounce.

Gold Spikes To Record High Over $2,130, Bitcoin Soars Above $40,000 As Market Calls Powell's Bluff -ZeroHedge

On Friday, shortly after Powell failed to hammer the hawkish case in his "fireside" chat with stocks eager to take out 2023 highs, we said that Powell has a big problem on his hands not so much because if the market was indeed correct about imminent easing that only assures that inflation will come back with a vengeance and Powell would indeed be the "second coming" of a former Fed Chair - only Burns not Volcker - but because the kneejerk surge higher in gold (and digital gold) meant that the once again deathwatch for the dollar - and fiat in general - had resumed.

Well, with futures having opened for trading on Sunday night, what we joked about on Friday, namely that Powell - having seemingly once again lost control of the hawkish narrative - may be leaking emergency rate hikes though Nick Timiraos on Dec 12, ahead of the December FOMC (now that the Fed is in blackout mode)...

... is all too real because suddenly everything that is non printable is soaring, starting with gold, which has exploded as much as $60, spiking to a new all time high of $2,135...