Gold price sees another 5% rally this week as geopolitical uncertainty drives the market to touch $2350

Gold price sees another 5% rally this week as geopolitical uncertainty drives the market to touch $2350

- The gold market continues its unstoppable run to record highs as it touches an all-time high of $2,350 an ounce ahead of the weekend.Gold’s 2024 price ceiling is now the floor, silver is approaching ‘sweet spot’ for investors – MKS Pamp – The first quarter of 2024 was all about gold, according to an updated outlook from MKS Pamp. “We were not bullish enough Gold in Q1’24 and were too bullish Silver and Platinum,” the analysts said, “but the relative outperformance between Gold and the white metals should compress in Q2’24 & Q3’24.

As gold set another record high, Canadian mining legends Frank Giustra, CEO of Fiore Group, and Pierre Lassonde, Chairman Emeritus at Franco-Nevada, say the West has lost its power to set the price of gold. Giustra and Lassonde also warn that in the new geopolitical reality of resource nationalism, Canada is failing its economy and citizens.The crypto market ended the week with volatility as Bitcoin experienced a 4% intraday price swing while consolidating around support at $68,000.

Coinbase has been registered as a Restricted Dealer by the Canadian Securities Administrators, becoming the first international crypto exchange to be registered in Canada. - Gold’s role as a monetary metal has dominated the marketplace for the last two years, and now Zimbabwe will be utilizing its gold reserves.Sony Bank, the banking and financial unit of the Sony Group Corporation, has initiated a proof-of-concept pilot to issue a fiat-pegged stablecoin on the Polygon blockchain.

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Gold Price Rally Spurs M&A Activity in Gold Mining IndustryGold price continues to set new all-time highs, with gold equities starting to get in on the action as M&A activity increases, says David Erfle, editor of Junior Miner Junky. On March 27, Alamos Gold (TSX:AGI) said it would acquire Argonaut Gold (TSX:AR), including Argonaut's Magino mine in Ontario. The addition of Magino is expected to increase Alamos' production by 25% and reduce its all-in sustaining costs by $100 per ounce. This acquisition is part of a trend of consolidation in the gold mining industry as companies seek to increase their reserves and reduce costs. The gold price rally and the potential for further increases have made gold mining companies attractive targets for mergers and acquisitions. As a result, we can expect to see more deals like this in the future.
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Gold stocks strongly outperform after gold breakoutsThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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