The geopolitical event has helped gold to set a new all time high (what would probably happen anyways at some point). Right now people are very scared, and are fomo buying commodities like metals, oil, gas futures, and so on... right at their all time highs. Think about it... they make retail investors sell equities at their local bottoms to FOMO buy commodities at their tops.
Given that everything has become more expensive, especially OIL, this could drive more inflation (money printing) in a short term, eventually resulting in equities going up and commodities going down (in this example gold). But only for a short period of time (few weeks to maybe months).
Structurally Gold could be doing the same reversal pattern we saw with Bitcoin topping at 69k. I've put btc price topping next to the gold chart so you can see how simmilar they are. I am trying to be a head of the croud here. Very simmilar structure could play out like this. My call is a BIG sell for gold right now.
I might be wrong but there are just to much confluences in the market right now between equities and commodities.
I am not a financial advisor so non of this should be taken as a financial advise. Be well.
Central bank and their decision on how they will manage russia-ukraine is important.They was suppposed to rise rate but apparently war give them a new excuse to print money again. Secondly the beginning of shortage around world start to make people less and less confidence with politics and media.That might result in lost of confidence in money. Thirdly, operation on ukrain showed that US is not really responsive.it can give idea to other nation to start militaty operation around the globe (ex: China, israel, iran, ...)
It's a real uncertain period currently.When people are uncertain they choose either dollars or gold.
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@MehdiCoin87, "It's a real uncertain period currently.When people are uncertain they choose either dollars or gold." Correct. People leave speculative assets like cryptocurrencies behind, on such occasions.
@CR35, Yes, I am accumulating more actually. Though, in short-term I think gold is likely to dip little bit lower due to people taking profit and covering losses elsewhere. And you? Are you going long cryptocurrencies (from what I can see in your posts)? How is that going?
Secondly the beginning of shortage around world start to make people less and less confidence with politics and media.That might result in lost of confidence in money.
Thirdly, operation on ukrain showed that US is not really responsive.it can give idea to other nation to start militaty operation around the globe (ex: China, israel, iran, ...)
It's a real uncertain period currently.When people are uncertain they choose either dollars or gold.