Gold is still pushing aggressively higher.
Last checked, it’s about to cross $2,400 and could see $2,500 shortly after. All thanks to safe-haven demand and growing interest in gold from global central banks.
As noted on Yahoo Finance, “In March, China’s central bank added another 160,000 troy ounces to its reserves, marking its seventeenth consecutive month. As the Chinese yuan experiences a decline in its status as the world’s second most significant reserve currency, and countries such as Japan, Russia, Turkey, and Poland express concerns about overdependence on the US dollar, a notable shift towards gold has emerged. Looking ahead, analysts remain optimistic about gold’s outlook, with some predicting prices could climb even higher.”
Rosenberg added that gold prices could reach $3,000.
All of which is solid news for gold stocks, like Barrick Gold (GOLD), which we’ve mentioned a few times with the latest rally.
Plus, after bottoming out at around $16.08, GOLD is starting to pivot higher again. From its last traded price of $17.10, we’d like to see GOLD retest $18.95 again shortly.
