by Mark O’Byrne, GoldCore:

◆ Gold has surged to new record highs in euros, yen, Canadian, Australian and New Zealand dollars and most emerging market currencies.

◆ Gold has built on recent gains and reached seven year highs in dollars at $1,636/oz and reached new record highs in euros today at €1,515.80/oz.

◆ Safe haven gold has surged to new record nominal highs in most fiat currencies in the word including the Japanese yen, Australian dollar, the New Zealand dollar, Swedish krone, Norwegian krone, Russian ruble South African rand and Indian rupee

◆ Gold is at or very close to all time record nominal highs in all fiat currencies except the US dollar; gold is also testing record highs in British pound and Swiss franc.

◆ Gold looks set to close above the important technical and psychological level of $1,600 per ounce and should it do so, it could quickly move to test the $1,700 per ounce level (see chart above).

◆ Gold’s all time record highs in most fiat currencies today will be seen in dollar terms in the coming months. Frequently in the last 20 years, gold has gained at the same time as the dollar in the early stages of bull markets prior to dollar weakness setting in and gold then surging in dollar terms.

◆ Silver has consolidated on the week’s gains and rose to $18.58/oz which is 4.3% higher in the week, while palladium has gone parabolic and is up another 13.3% this week which takes the gains in 2020 alone to over 37%; we expect gold and particularly silver to follow palladium’s lead in the coming months and years (see just released video below).

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