2024 Outlook Degraded as Shares Rallied ‘Too Much’

29 November, 2023
As at 9am, AEST.

Spot pricing for Gold $AU3074

Spot pricing for Silver $AU37.79

Spot pricing for Platinum $AU1433

Wall St economists are beginning to gather and discuss their outlooks for 2024 - and the image they are painting looks a little grim. 

After such a robust recovery in the SP500 through a very tight and hawkish FED position, many investors have been left scratching their head in confusion. Usually, a period of very tight monetary policy will bring economic stress that would cause recessions or negative growth. Flipside, as we enter the month of Christmas Sharemarkets are looking almost too healthy beside higher interest rates, and we still are yet to see a recessive period of note.

Meanwhile, Gold sung a beautiful tune this past week (as predicted) - pushing through its psychological ceiling of $US2000 and now striving towards its next milestone (we think around $US2050). With Oil pricing particularly low at present, we could well end up with Gold pricing being further pressured upwards by higher Oil (When OPEC meets and considers reducing capacity to increase price). For bullion holders it could be an amazing Christmas.

Enjoy today’s charts.

Gold daily, with 200MDA

Silver daily, with 200MDA

US500 daily, with 200MDA

ASX200 daily, with 200MDA