AGE Gold Commentary

Greetings!

After surging to another new all-time high of just over $2,800, gold is consolidating these latest gains ahead of the US Presidential election with $3,000 an ounce in sight. Bullion remains supported near record highs by uncertainty over the extremely close race for the US presidency and the deepening conflict in the Middle East.

The US economy created merely 12,000 new jobs in October, according to the government's nonfarm payrolls report released last Friday. While astonishingly weak, the report did carry some mitigating factors. Strikes in the aerospace industry lowered employment in manufacturing while hurricanes shortened the collection time for data, making its reliability questionable. What is stunning, however, is that the private sector lost 28,000 jobs in October.

Absent government and healthcare, consistently the two largest job creators in recent months, the overall jobs report was abysmal for most other sectors. This weakness in the labor market virtually seals the deal for the Fed to cut rates at the conclusion of their meeting on November 7.

Gold benefits from lower interest rates and will continue to be supported by safe-haven physical demand, which includes recent record-breaking Central Bank gold buying.

So please join me for this new AGE Gold Commentary video. We’ll go through the latest statistics for Q3 2024 and the latest charts for gold and silver.

You can also view this video on the AGE YouTube channel, which includes a transcript.

Sincerely,

Dana Samuelson
President