#GoldandSilverHitNewHighs The Breakout Breakdown: Precious Metals Go Parabolic
Gold:
· New All-Time High: $2,485/oz (up 18% YTD)
· Key breakout: Cleared 2020 resistance at $2,075 decisively
· Next target: $2,500 psychological, then $2,600 Fibonacci extension
Silver:
· 11-Year High: $32.16/oz (up 28% YTD)
· Significance: First time above $30 since 2013's taper tantrum
· Gold/Silver ratio: Dropping to 77 (from 92 in February) - silver outperforming
What's Driving This:
1. Central bank buying spree: 1,037 tonnes in 2023, continuing into 2024 (China leading)
2. ETF inflows: Largest weekly gold ETF