Gold: A Seasonal Rally and the Future of Money

Gold has been making headlines recently, with its price reaching new heights. On Tuesday, it hit $2,030 in intra-day trading, closing the day at $2,020. While it hasn't been able to sustain this level due to a strong dollar, there is still positive momentum in the price. One reason for this is the confidence that the Federal Open Market Committee (FOMC) is done with interest rate hikes. Additionally, there is a temporary ceasefire in the Middle East, although it is yet to be confirmed. For these reasons, December is shaping up to be a great month for gold and its sister metal, silver.

Gold's Santa Rally

Data from Saxo Bank reveals an interesting trend in the precious metals market. Over the past six years, both gold and silver have experienced a "Santa Rally" in December. During this period, gold has yielded a 4% return, while silver has seen a 7.25% return. These figures suggest that investing in gold and silver during December could be a profitable move.

Resilience of EU Banks

The European Central Bank (ECB) recently released its biannual financial stability review. It highlighted the need for banks to strengthen their balance sheets in the face of rising loan defaults and late payments in the eurozone. The ECB acknowledged that the banking system is in a good starting position but warned that increased funding costs and loan losses will impact profitability. Market expectations are leaning towards no more rate hikes, as with the FOMC.

Festive Predictions

As Thanksgiving marks the start of the festive season, large institutions are beginning to share their expectations for the year ahead. Goldman Sachs, in particular, has been praised for the accuracy of its 2023 predictions. Looking ahead to next year, the elections in Argentina and the Netherlands could have significant implications for the monetary system.

Argentina's Libertarian Economist

Javier Milei, a libertarian economist and TV presenter, recently won 56% of the vote in Argentina. He has expressed his desire to abolish the Argentinian peso and adopt the US dollar. This unconventional approach from a libertarian politician raises interesting questions about monetary independence and personal financial freedom. Regardless of the outcome, Milei's victory is sure to create ripples in the country.

Geert Wilders and the Eurozone

In the Netherlands, Geert Wilders and his Freedom Party achieved significant gains in the recent election. While Wilders has downplayed his previous calls for a "Nexit" (Dutch exit from the EU), his anti-EU stance could still impact the Eurozone. The formation of a coalition government could take months, but the outcome will be closely watched to see how it affects the region in the coming years.

Gold Prices:

22-11-2023: USD 1,999.90, GBP 1,997.55, EUR 1,596.72

21-11-2023: USD 1,988.55, GBP 2,006.60, EUR 1,585.67

20-11-2023: USD 1,976.05, GBP 1,968.70, EUR 1,583.21

17-11-2023: USD 1,992.15, GBP 1,981.05, EUR 1,602.29

16-11-2023: USD 1,966.50, GBP 1,980.10, EUR 1,586.18

15-11-2023: USD 1,973.40, GBP 1,958.20, EUR 1,583.65

14-11-2023: USD 1,946.55, GBP 1,969.05, EUR 1,583.13

13-11-2023: USD 1,937.45, GBP 1,931.15, EUR 1,582.70

10-11-2023: USD 1,953.45, GBP 1,941.65, EUR 1,599.29

09-11-2023: USD 1,946.75, GBP 1,957.45, EUR 1,584.27

If you're interested in investing in gold, GoldCore offers a safe and secure solution. Buy gold coins and bars and store them in our trusted vaults in Switzerland, London, or Singapore. Discover why Switzerland remains a safe-haven jurisdiction for owning precious metals by accessing our Essential Guide to Storing Gold in Switzerland.

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The future of money is uncertain, but gold continues to shine as a reliable investment option. With the holiday season upon us, it's the perfect time to consider adding gold to your portfolio.

Disclaimer: The above article is for informational purposes only and does not constitute financial advice. Please consult with a professional advisor before making any investment decisions.

The post Gold: A Seasonal Rally and the Future of Money appeared first on GoldCore News.


How To

Guidelines for Gold Roth IRA

You should start investing early to ensure you have enough money for retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. It's vital to contribute enough money each year to ensure adequate growth on an ongoing basis.

Also, you want to take advantage tax-free options such as a traditional 401k, SEP IRA or SIMPLE IRA. These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.

It's important to save regularly and over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.


By: Dave Russell
Title: Gold: A Seasonal Rally and the Future of Money
Sourced From:
Published Date: Thu, 23 Nov 2023 16:25:40 +0000

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