Recession Is Already Here

11.22.23 - Recession Is Already Here

Gold last traded at $1,990 an ounce. Silver at $23.64 an ounce.

Gold prices settle above $2,000 an ounce for highest finish late October

There have been several predictions in recent weeks suggesting gold will top $3,000 an ounce next year. Before it hits $3,000, it needs to stay over $2,000. This is significant because these same predictors are saying that $700 of the $1,000 increase they're calling for will happen in the first six months of the year. That said, now would be the perfect time to buy gold.

Gold futures climbed Tuesday, topping $2,000 an ounce and headed for their highest finish since late July.

Strong central bank buying of the precious metal, along with signs of easing U.S. inflation that lifted expectations for an end to the Federal Reserve's interest-rate hikes, provided the support the precious metal needed to trade above that key price level.

"Gold is seeing a pattern of strong buying demand coming out of Asia with India importing significantly more gold in October than was forecasted last month," said Peter Spina, president of GoldSeek.com, told MarketWatch.