In the last week of April, the big news was gold.
On January 1st, the price of gold was $1,060
On Friday, April 29th (the last market day in April), gold came close to $1,300—after smashing through the the $1,250 price resistance level on just the day before (Thursday, April 28th).
Last Thursday, I wondered if The Powers That Be would allow gold’s break through the $1,250 barrier to stand. I hoped otherwise, but I expected that gold would be smacked down below $1,250 on Friday, the 29th.
Much to my surprise, the Powers did not push gold down on Friday but instead allowed it to rise $26 and nearly touch the $1,300 level.
This price rise does not impress me as simply a victory for gold. It impresses me as a possible concession by the Powers that seek to hold gold down.
It’s certainly too early to say for sure, but it looks as if the Powers are conceding that they’ve lost the will and/or the capacity to continue suppressing the prices of gold and silver.
Gold has jumped from $1,060 on January 1st to $1,293 on April 29th. That’s an increase of $233 or 22% in the past four months. To put this jump in perspective, recall that during the last major leg up in the gold bull market that peaked in A.D. 2011, investors were delighted because gold had been rising, on average, about 20% per year.
Gold just jumped 22% in four months—one-third of a year.
That’s an average increase of $58/month for the first four months of this year.
On Friday, April 22nd, gold closed at $1,232. On Friday, April 29th, gold closed at $1,291—a $59 increase in just one week.
Again, it’s too early to say for sure, but it certainly looks as if the price of gold has hit a turning point that augurs well for rising prices for the balance of 2016.
The evidence—not just opinion and speculation, but the evidence of price increases—is mounting that the gold bull is up and running.
The evidence—not just opinion and speculation, but evidence seen in recent price increases—is mounting that now’s the time to jump on that gold bull market.
We don’t yet have proof, but we have evidence—four months of evidence—that the gold bull is not simply up and running but may even be up and flying.
This is exciting. This might be the moment gold bugs have been waiting for for the past four years.
We shall see.