Hanging by a thread…

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Hanging By A Thread

Gold remains above $2,000 — but just barely.
 

PLUS: Marking the actual 50th Anniversary of the New Orleans Investment Conference with a special opportunity....

Experienced investors know that “big numbers” can act like a magnet, drawing an asset’s price toward them...from both below and above.

The latter seems to be the case right now with gold.

As you can see from this one-month chart, gold has nearly completed a round trip from below the key $2,000 level in early December, to a new all-time high, and back again.
 

Right now it’s hovering just above $2,000 and seems determined to fall through that benchmark once again. (Granted, I said the same thing in a Gold Newsletter Alert last week, and was rewarded by a $30 spike in the gold price the very next day. Hoping now for similar ill timing!)

The Fed Rules All

As I’ve been saying over and over again, the only thing that matters in today’s markets — every market — is what the Fed is going to do.

This is what happens after decades of feeding investors ever-easier money. Investors ride waves of emotion like my dog when I pass by the kitchen pantry. If I stop and rustle the treat bag, his spirits soar. If I walk past, he bums out.

Gold, like the dollar and Treasury yields, are the most sensitive barometers of the consensus view on potential Fed moves, with other asset classes taking their cues from them.
 

Over the past few weeks (represented by the downswing in the above chart), the market mood has shifted as the Fed has rhetorically challenged the market’s view of five rate cuts this year.
 

The economic data hasn’t helped. Last week’s hotter-than-expected CPI sent gold plummeting (in this crazy world where higher inflation is bearish for gold because it’s hawkish for Fed policy). And then the cooler-than-expected PPI the next day sent the metal roaring right back up.
 

I’m not dismissing the possibility that gold will once again rebound before dropping below $2,000. It just seems that the shorts are pushing it there and, absent some significant dovish developments, it’s going to fall through.

Better Days Ahead

The good news, of course, is that the Fed is going to start dropping rates this year. Whether it’s three cuts or five will matter little in the end, as this pivot will be enormously bullish for gold.
 

This switch in policy will drive gold though $2,100 at some point, whether it’s within days, weeks or a few months, and that will signal the new bull run.
 

Our job now is to weather these short-term shifts in sentiment and keep our focus on the big picture.

I’ll Be Talking About All This Later Today

I’d like to remind you that later today I’ll be a guest on an exciting “2024 Economic Outlook” webinar hosted by my friend Bronson Hill, featuring fellow guests Bridger Pennington and Neal Bawa.
 

We’ll be discussing our forecasts for the macroeconomic scene and all asset classes, including the impact on interest rates and inflation.
 

It’s going to be a fun and enlightening discussion, and I urge you to attend. Just CLICK HERE to register.

A Half Century Of
“The World’s Greatest Investment Event”

We’re celebrating the 50th Anniversary of the legendary New Orleans Investment Conference this fall, from November 20-23, but the conference’s actual 50-year birthday arrives tomorrow.
 

Jim Blanchard’s inaugural event here in New Orleans was held from January 18-20, 1974.
 

Expecting a modest crowd for this gathering designed to show Americans how to invest in soon-to-be-legalized gold, he was shocked to see registrations flood in. Over 700 attended that first conference, and Jim was forced to scramble at the last minute to switch to a larger hotel to fit them all!
 

We’re planning some special surprises for this year’s New Orleans Conference to honor and burnish this amazing legacy. Look for details over the weeks ahead, but rest assured that this will truly be a “can’t miss event.”

So, to entice you to register now and to honor our 50th birthday, I’m going to slash our current registration fee for one week only.
 

It’s a brief chance for you to save fully $500 from our standard, on-site registration fee of $995.

This is a special early-bird discount — so early it’s not even reflected on our website. You’ll have to click on the special link below to take advantage of this opportunity.

Don’t delay, because it won’t last long!
 

Looking forward to seeing you here in New Orleans for our 50th Anniversary,

All the best,

Brien Lundin
Publisher, Gold Newsletter
CEO, the New Orleans Investment Conference

CLICK HERE
To Capture Our Special
50th Birthday Discount
For New Orleans ’24!

CLICK HERE to watch interviews by Brien Lundin and Kai Hoffmann with many of today's most exciting junior mining companies on the

Gold Newsletter Youtube channel.