[00:00:04] Doug McIntyre: So huge run in gold.
Trade war fears and disappointing data have sparked a flood of defensive buying activity in consumer staples, utilities, and healthcare stocks. Gold has been swept up in the flight to safety, riding a string of record highs to top $2,950 an ounce for the first time.
Since my last writing, a few new macroeconomic and geopolitical changes have changed my outlook for GLD and SLV. I now see better upside potential for GLD and thus upgrade its rating to Buy. To start, GLD's latest technical trading pattern is more bullish than SLV.
ETFs pulled in $29.5 billion in capital last week, with U.S. equity leading the way.
Investors seeking momentum may have SPDR Gold Shares GLD on radar now. The fund recently hit a new 52-week high.
The SPDR Gold Shares ETF (GLD) ended the week close to the fresh all-time high hit on Thursday as the gold market reaps heftily from the ongoing geopolitical and economic uncertainties. Since the beginning of the year, it has sustained the same bullish momentum that yielded a rally of about 25% in 2024.
The gold market is experiencing a period of "Gold Mania," with record-breaking prices and significant volatility. This excitement is reflected in the precious metal reaching an all-time high of $2,954.69 per ounce on February 20, 2025.
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