We review the gold and silver price performances in 2023, while setting our sights on the exciting prospects awaiting in 2024. We’ll explore not only gold and silver but also the influential factors such as the US Dollar index, equities, platinum & palladium, and other key markets that could shape the landscape for investors. Get ready to gain valuable insights into the forces driving the precious metals market and discover the potential opportunities ahead in the new year. Don’t miss out on this essential update for anyone interested in gold investing and navigating the dynamic world of precious metals investing. Thanks for listening if you enjoy be sure to subscribe to our YouTube channel for weekly precious metals price updates and geopolitical commentary.
Last Week’s Golden Rule Radio: Gold And Silver Year End Recap 2023 https://youtu.be/ROtmHo55Y7c
Last Week’s McAlvany Commentary: Gold Is Sniffing Out Geopolitical Concerns https://youtu.be/-HGpow33lrE
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Welcome back to Golden Rule radio a happy 2024 to all of you listeners it’s great to be back with the whole team here today and as we start off recording here on January 3rd I’m looking at Rob he looks one year younger uh mil I don’t
Know how you do it Rob but no it’s a it’s a good time of year to kind of get a show going and we did miss last week so I feel like we haven’t been together in a while and it’s a an opportunity to really kind of bring 2023 to a close and
Then we’ll do our best to give you a little insight into what we see coming in 2024 right guys right we see gold breaking into new territory so this is going to be an exciting 2024 for gold anyway silver a little frustrating miles you want to weigh in on this yeah it’s
Pretty flat Tori what was the number you were telling me earlier silver did a staggering what in 2023 two sets my friend it was that’s what I like to see we opened the year at 2386 and we closed the year at 2388 and you guys honestly we saw a lot
Of whipsaw in the silver price yeah there was a 24% swing from low to high a low of 1992 and a high of 2605 in the overprice and all that just to kind of stay flat but that’s better than the other white Metals true yeah what did platinum and Palladium finish
Platinum down 6.8% for the year andum got cred it had a late rally though Platinum was not looking good it had a 99.5% rally in the fourth quarter so did silver had a 7.4% so those two kind of rallied into the end of the year Palladium did not it finish the quarter
Down 11.5% to finish the year down 37% so that’s an example of a metal taking off and running a little bit too far too aggressively not to be chased and hopefully coming back down to earth a little bit give us a chance to buy some of it because we haven’t we haven’t
Been buying it no we’ve not been recommending padium that’s right that’s right so before we give miles chart fatigue I mean it’s fun to look at these annual charts on all these I think Miles I mean General Trend it looks like gold up silver flat platinum and plaum down as just general
Trends on a 12-month chart on each of those Metals yeah I think that’s a fair argument I feel like this was a bit of a running theme last year it’s now last year 2023 last year bit of a running theme last year in that gold seems to be
Leading the charge and I made a couple correlations to the like 20056 78 where gold was building a baseline for the 2008 to 2011 move up but it really wasn’t until the end of that move that we actually saw silver play catchup so I was talking to a
Client yesterday about this I think there’s a fair argument here where silver has always kind of been uh what did we used to call Silver like the poor man’s gold if I’m getting that correctly I certainly don’t want to make reference to wealth versus poor by any means
Because I think everybody should buy a little bit of silver but I think more too that the argument should be about like the involvement of the general public because we know Banks buy gold we know that um uh Nations buy gold we know big players by gold but what does it
Take to get 5% of the US population involved 10% of the US population involved and unfortunately as we watch through all sorts of crazes real estate craze Bitcoin craze even the tail end of the last gold market it tends to be those last 6 12 18 months when the
General public really starts getting involved and I think there’s a day where the general public says holy smokes gold costs what what’s cheaper and then you start getting this Mad Dash into silver I think we saw a glimpse of that to help prove my point I think we saw a glimpse
Of that during the 2020 Co crash because what happened the minute the mint shut down what happened to Silver Eagles well and it really separated from the Futures price you would have spot price at one place and then the price of a delivered product radically different extremes
That we hadn’t seen since about 2008 2009 yeah that’s right I remember too that spot price indices were a skew right I mean the London the lbma was different than the Nyx than the comx and the Futures market and everybody was wondering what’s the real spot price it
Was trying to find a home yeah really interesting and we did see those premium Spike repeatedly cyclically right miles I mean we had opportunities to exit Silver Eagles at high premiums yeah Rob’s smiling ear to ear here because he just loves the strategy and so those are opportunities when it’s down and it’s
Something that we have to be willing and ready to take advantage of and part of that is the ratio trading too the gold silver ratio today where we’re recording gold right now is 242 and Silver’s 2309 it did drop right to 2299 and came back
Up but that drove the ratio as high as 89 to1 today it’s 88 now and so anxious to see what direction we go there because to your point miles gold is the true money medal it’s going to be the better hedge against geopolitical tensions and monetary policy and as we
Start to see the US dollar do certain things today’s kind kind of a good albeit small example of dollar Index up bond yields up today the 10 years back over 4% and with that comes the equities down gold and silver down that’s kind of a general rule of thumb well and as
We’re talking I feel like I need to remind everybody that there are several different ways to look at gold you can look at it like an investment like we are doing right now what is its return what has it done and I think that’s important to know because Wall Street
Only considers gold viable if it goes up and makes you money but we also look at gold as capital a place to put your wealth for the next five years regardless of bail-ins or what’s the article that’s just come out the great taking taking yeah regardless of that
Gold is not somebody else’s liability it is its own asset there is no counterparty risk so we see it as capital as well whether or not it’s up 13 and half% or not but it’s also a legacy investment something that can be passed on so while we’re looking at the
Technicals and the fundamentals I think it’s important to let people know hey if the wheels come off and the zombie apocalypse happens you still have money right well and the biggest thing too it’s almost like death and taxes inflation is is guaranteed right so we’ve seen it you’ve seen $35 gold yes
We’ve seen now $235 gold and the reason being is that currency to basement what are the two factors there is that more of a money supply is that a Fed balance sheet what do you look to first when you’re looking at predicting what the gold price is going to do versus
Explaining where we currently are well I think you know miles can tell us where we currently are where support is where resistance is but we look to the Future let’s say look out five years we already know what’s going to happen to our federal debt we already know the budget
Is out of whack in fact in fact the Democrats might even want the Republicans to take over the government for the next four years because there’s nothing we can do I think it has gone beyond solving at this point now maybe I’m just being overly pessimistic but I
Think five years from now your gold will at least buy what it does today if not more that may be the no-brainer of this entire show well it will certainly buy just as much or it’ll be the first time in history that hasn’t happened so yeah and that’s why getting back to my
Initial point that we kicked this off on one of the big reasons why I love seeing that gold silver ratio still up in the mid to high 80s is I think it means we have a long way for this to go you know when we see that gold silver ratio start
Pushing down I’m going to start wondering if the bull Market’s over but how can it be I mean Tori you said we’ve seen gold now up as high as 2035 you said that a second ago you’re 120 bucks off oh yeah no I that’s currently yeah
Just add 2035 now I mean we’re looking at Gold breaking into new paradigm levels 2148 earlier this year the retracement has been minimal at best we obviously could see some downward pressure from here but the way Springs have been the last handful of years 2035 come on that was 3 years ago price
That’s our Baseline it really was used to be the high yeah so could we see a significant move up in gold in the next few months well of course and that’s the part that concerns me well what a great launching point I mean it is for the
Gold holder it’s good for the one that has yet to acquire it or is aspiring to acquir you want a little bit of a breather you want it to stay down to your point can you imagine 10% of the population moving into gold oh my goodness if Gold’s at 2,000 that sucks
Up a lot of ounces but if gold goes to 4,000 and 10% of the population jumps in at least it’s fewer ounces you’re not reaching critical mass in terms of availability at these prices with how much money’s been created how much money’s in the system how wealthy people
Have gotten you will suck the system dry in a short period of time much like what we’ve seen two of the last three years in silver and expect premiums to spike so I’m with you I hope that we get a little bit of a respit stay down here
For a bit Yeah but we have had a paradigm shift and we’re onward and upward to some new highs I truly believe in 24 we are in New Territory miles chart it for us well this is where it gets interesting to me and this is one
Of the things we were talking about here a second ago so you look at gold here and I’ll throw a long-term chart up just so you can see kind of the movement we’ve had since 2015 and it looks pretty clear to me that over the last couple of
Years we’ve had this consolidation just kind of beating against that ceiling wearing down the bears wearing down all the take profit orders and looking to push through into new territory so I’m pretty convinced at this point that we’re going to be seeing 2300 2800 3500 I think some of these numbers on gold
Are pretty apparent over the next couple of years shortterm here we had a pretty strong run from around 1810 up to 21 almost 2150 so we do have some retracement levels here uh kind of in 40 increments I’d be looking 2020 uh which were just above now I’d be looking 1980
1940 couple ranges in there where we could see gold bounce back down to but I don’t know I mean the way February March April May has been going the last handful of years and being that this is an election year I think that we could see yeah exactly very strong gold prices
Well a lot of that will be dependent upon the interest rates right I mean if the federal Reser comes February March how do you reconcile that how do you reconcile the interest rate announcement what the US dollar is doing what the US Central Bank is doing what money money
Velocity money supply is doing and what the S&P is doing I don’t understand how you take all of those pieces and it Paints the picture that we’re seeing today yeah add the bond market into it and if there’s any further you know instability there and decline in the
Bond market that’s a huge un certainty piece so you’ve got dollars supposedly getting weaker interest rates expected to go back down so those two things correlate right interest rates go down money gets cheaper dollar Index gets a little bit weaker Equity Market should be going up because money’s going to get
Cheap again that’s right real estate should hopefully at least stay at these elevated levels because money’s going to get cheap again why is gold going up central bank balance sheet is going down right yeah velocity is going down velocity of money is coming well it’s coming back down recently but it’s been
Bouncing back up for the last year right money supply has been coming back down for the last year money coming down yeah happy New Year though you just hit 34 trillion on our national debt it’s official government spending is not going down that’s not going down no and
Maybe that’s the Lynch pen but it’s not helping GDP I mean we’ve had diminishing returns the more government spending you know doesn’t impact the GDP like it did five or 10 years ago so we are seeing a slowing economy which Economist will be predicting deflation um coming in certain asset
Classes but as Don mlan he talked about at golly 40 years ago it’s echos spasm where you have elements of inflation and deflation occurring simultaneously some sectors are dropping in value other sectors are rising in value and it’s very confusing for people because everybody wants it to be one way or the
Other and it’s going to be both well that just sounds like tail chasing well and then throw geopolitical tensions in the mix you talk about an oil and gas Spike when you may see copper Contracting further right or Palladium and platinum coming down and oil up 32%
Today alone and some increased mid East t if that really continues to increase in volatility and conflict well then certainly there’s an EOS spasm right there yeah I don’t see tensions in the mid East or Ukraine easing at all I just see it compounding from where we are now
So I guess happy New Year it’s going to be a heck of a year this year certainly here in the US with the elections coming up some economic changes that were unexpected probably welcome by most people uh I don’t know we’ll see if pal does what he most recently said he would do
But uh Happy New Year to everybody Welcome to 2024 and we’ll certainly be with you along the way every week right here on Golden Rule radio so thank you for joining us if you liked what you heard you’re always welcome to give us a call if you’d like to discuss your personal
Portfolio we can be reached at 1 1800 525 9556 you can also find more info on our website at ml.com we are on Twitter at IA gold and Facebook at mlin Financial thanks as always for listening we look forward to seeing you back here next Week