October 18, 2024 - (Gold Market Wire) - Election Fever, War Fever, Fed Fever - the market is on fire. One more down move from the Fed, and we'll be testing out $3,000. The Gold Bull is charging now at full throttle. Tuesday's downtrend has been negated as Gold rips through $2,700 and shows no signs of turning back. The sell-off/retracement we have been expecting has been lost to the charging bull. A disappointment - but that's what core positions are for! As for the trading book, we may climb in soon. The imminent Israeli attack on Iran - and the potential for American involvement is recking havoc with the market, and the advent of the US Presidential election is so fraught with problems it seems like the move to Gold is only getting bigger. Add the 'long range missiles' to hit Moscow into the equation, and it's all getting to be a 'buy while you can' before the War starts advertisement.

If something doesn't work to calm things down - (and at this stage what could?)The election and its aftermath and the spectre of global war - is simply going to continue pushing us higher. It's the OK Coral now.

The channel is still working, and should have had us long at $2600. We expected a lull in the action we didn't get. Silver, for the umpteenth time, is going to try and get above $32.00. If it does...and Gold is starting to demand it - we could move quickly higher.

For now, Gold, because Gold is where those fearful of war are hiding, is where the action is. This weekend is going to be a nail-biter over a potential attack on Iran, and there is little to knock Gold off its lofty perch now.