For those Gold holders out there, congratulations; you’ve just experienced an absolutely amazing price jump that further solidifies this precious metal as the ultimate form of wealth preservation.

As many saw a downward wedge forming for Gold over the past few months, little did we expect that it was ready to explode so quickly. Last week, we predicted it may take another 2-3 weeks before it was ready to jump again, and were completely surprised at the ferocity of the upward momentum it exhibited.

Amongst slightly weaker economic news, continued conflict through Gaza / Ukraine and an increasing worry that both sharemarkets and crypto markets are close to their top – it seems everyone moved to a ‘risk off’ asset overnight.

And Silver is also following suit, albeit a little later. Notoriously slower to the party, Silver is now set to play catchup, currently languishing at $US23.70 per ounce. Previous Silver cycles took it to $US49 per ounce, currently making Silver seem an absolute bargain by comparison.

And for those that are thinking, ‘Surely Gold can’t go any higher’ today we’ve included a monthly gold chart here, for perspective. Notice the RSI (Relative strength index) at the bottom. We’re still a while away from this bull cycle peaking out.

Enjoy the charts.

Gold monthly chart