After opening at $2035.10 in trading today gold futures surged to a high not seen for approximately the last year. As of 3:15 PM EST, the most active February 2024 contract has surged by $26.30 and is currently fixed at $2061.50.

Recorded on November 22, Wednesday at 4:00 PM EST.

We Talk about what's next for gold and how the growing U.S. debt level will impact markets.

0:00 - Intro

Gold basis the most active February 2024 contract settled down $8.60 in New York at $2013.20. As of 3:05 PM EST, February gold is currently trading at approximately the same value fixed at $2013.70 down $6.80 or 0.34%. This occurred after yesterday’s extremely strong gain of just over $20 per ounce closing at approximately $2020 after reaching an intraday high of $2030.

Gold had tremendously strong gains today of just over $20 per ounce in both physical gold as well as futures. As of 4:00 PM EST gold futures basis the December contract is currently up $20.80 or + 1.05%, and fixed at $2001. On its first day as the most active Comex contract, February gold (GC G24) gained $20.60 or + 1.03% and is currently fixed at $2021.10.

First-day notice for gold’s current most active contract month, December 2023

(GC Z23) will occur on November 30. Long-term trend traders are already beginning to initiate new trades in the February 2024 contract (GC G24), as it will become the next most active contract month.

As of 4:35 PM EST, gold futures basis most active contract (December 2023) is fixed at $1984.10. However, the December contract will soon expire as the until the first notice day advances. This is why we are focusing on the February 2024 Comex contract which is currently fixed at $2004.20. Both contract months had a gain of just under $20 per ounce.

Yesterday's significant drop in the dollar was directly related to the release of the October CPI inflation report, revealing muted growth, similar to September's low reading. Despite forecasts by major analysts and economists predicting higher levels, the actual inflation remained below expectations.

Inflation vis-à-vis the CPI (Consumer Price Index) came in unchanged when compared to the previous month. This provides the Federal Reserve with more data that could slow the oncoming of further rate hikes. The CPI increased 3.2% year-over-year; however, the inflation report came in under expectations of Wall Street projections.

On today’s show, we will play an interview that was recorded on Friday, November 10 at 9:00 PM EST. The interview is with Elijah K. Johnson.

We are pleased to announce that:

Chairman of the Federal Reserve Jerome Powell’s statements during two speeches this week covered the complexities of the thought process Fed members face with their monetary policy and the ramifications they present.