Iranian President Killed and Gold Zooms

Amongst SP500 cues for new record highs, mixed economic predictions and red level alerts for more conflict through Gaza and Ukraine, Gold and Silver are now also pushing towards new all time highs.

And in more news, Iranian President Ebrahim Raisi has been killed an a helicopter crash in mountainous terrain near the Azerbaijan border. With many speculating this was indeed an assassination, turmoil through this region is now set to continue and drive even more interest in ‘risk off’ assets like gold and silver.

Next week we await the FED’s data on Q1 GDP. Following on from stable CPI data last week, GDP could well follow suit and drive the narrative of ‘higher rates for longer’ yet again.

With economies worldwide clearly slowing, especially through retail markets – small businesses in Australia are starting to clearly feel the pain. With commercial lease agreements not being renewed, taxation liabilities being missed and cash flow predictions looking dire, our Government has been left to figure a budget that quickly helps the average Australian patch their weekly household budget.

There is definitely not such thing as a free lunch. And something will need to break before we see any clear change to monetary policy. If you’re holding bullion, you’re probably already very aware of this conclusion.

Enjoy today’s forecast and charts.

Gold daily chart, with 200MDA

Silver daily chart, with 200MDA

US500, with 200MDA

ASX200, with 200MDA