September 13, 2024 - (Gold Market Wire) - Friday the 13th has worked its magic, and Gold is moving ahead in a strong rally - gapping up sharply. The combination of electoral, and general political chaos in America, along with the ever encroaching advent of WWIII proper, has been too much for the market to stage a pullback. A global, military confrontation now looks to be getting ready to commence, and Gold can do little but move higher. The world is in deep trouble. The volte face by American policy makers to allow the use of long range missiles to attack Russia will likely be met with a response that could now see European nations directly attacked.

Yesterday's move was significant, and today we have followed through. The charts are powerful. The meandering around 2505 was just a hesitation before moving up.

Well, for once, the chorus of bulls has been on the right side of the market. We were expecting a stock market sell-off to take Gold down, and so far, we haven't got it. The Fed meeting will set the tone for the balance of the year. Right now we can see little to stop the market from moving to $2700 - such is the power of the tailwind.

As readers know, we have been on the sideline. Not the place to be - but at least we weren't in a spec short! Readers also know that we are strongly bullish Gold over the 3 year+ time frame, and that our core position is being held tightly. From the trading book, we are now left chasing the market. No time for regrets, however. We will have to await a pullback to establish length. Not ideal, from the trading side, but we have to work with what we have. From the $2505 level, we have taken on 3%, and its interesting to note that Silver has attacked resistance with some success. If we stay above that level, we will be encouraged to take length.

A missed oppourtunity - but there are many more ahead!