Zinger Key Points
- Gold hits $20 trillion market cap as central banks hoard bullion and prices near $3,000 per ounce.
- AU, RING, and GFI stocks flash bullish golden crosses, signaling potential upside amid gold’s record rally.
- Get two weeks of free access to pro-level trading tools, including news alerts, scanners, and real-time market insights.
Gold prices have skyrocketed, surging over 50% in just 14 months to hit fresh all-time highs. The metal’s market cap has now crossed a jaw-dropping $20 trillion — a first in history.
Gold Defies Gravity
What’s unusual this time? Gold is climbing alongside the U.S. dollar and bond yields—a rare divergence that’s raising eyebrows across Wall Street, reported The Kobeissi Letter.
What was also noted is that physical gold buying is off the charts. Inventories in the three largest COMEX vaults spiked by 15 million ounces in just two months—a 115% surge that pushed holdings above 2020 pandemic levels.
Meanwhile, China’s gold reserves hit a record $73.5 billion, while India’s reached $70.9 billion. Central banks worldwide are piling in, with 2024 marking the third consecutive year of 1,000+ tonnes in net gold purchases—an unprecedented streak, The Kobeissi Letter notes.
Trading The Gold Boom: Golden Crosses Flash Bullish
With gold glittering, related stocks and ETFs are flashing bullish signals.
Chart created using Benzinga Pro
Anglogold Ashanti PLC AU just formed a golden cross, where its 50-day moving average crossed above its 200-day. AU’s share price of $32.02 sits well above both its 50-day SMA of $27.37 and 200-day SMA of $27.01, signaling bullish momentum.
Read Also: Gold Could Reach $3,500 As Demand Rises On ‘Increased Policy Tensions,’ Says Bank of America
Chart created using Benzinga Pro
The iShares MSCI Global Gold Miners ETF RING also triggered a golden cross. Currently trading at $35.30, RING’s price outpaces its 50-day SMA of $31.22 and its 200-day SMA of $30.85.
Chart created using Benzinga Pro
Gold Fields Ltd. GFI followed suit, boasting a 42% gain over the past year and a 36.5% surge year-to-date.
Bet On The Bull Run?
With gold breaking records, central banks hoarding bullion, and key stocks flashing golden crosses, the trend is hard to ignore.
As macroeconomic uncertainty looms—from U.S. debt worries to trade tensions—gold's safe-haven appeal seems stronger than ever.
For traders eyeing the next leg up, AU, RING, and GFI might just be golden tickets.
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