Gold advanced again on Friday, taking it up +5.6% year-to-date and posting fresh all-time highs in the process. Increasing optimism that the Fed will start cutting rates in 2024 has been the backbone for advancing precious metals, but the early foundations were laid in China. The gold market turned higher three weeks ago, with the $US2,200 level now only one good day away. The move has danced to the same tune as most risk assets, from equities to crypto, with algorithmic momentum traders set to become increasingly interested as gold rallies on the upside. However, it’s been a tough journey for investors in gold stocks, who have largely struggled over the last year while the precious metal rotated around the $US2,000 area.
