The Bullish Case For Gold
Precious Metals Update:
- Gold hit an all-time high at $2,906 an ounce.
- Silver is trading at $33.21 an ounce and is showing signs of breaking out of its consolidation phase; a move above $34.83 could spark further gains.
- The dollar index has slightly dropped from $110 to $107, and oil prices are down to $71.11 per barrel.
Bullish Case for Silver:
- Demand is expected to significantly outpace supply, with the Silver Institute projecting record offtake at 1.20 billion ounces this year.
- Supply is set to grow only modestly (by about 3%), leading to an anticipated deficit of 149 million ounces.
- Industrial demand is a major driver, particularly from sectors like solar energy, advanced battery technology (e.g., Samsung’s new 600-mile electric car battery and Toyota’s upcoming mass production in 2027), and AI applications in electronics.
- The historical gold-to-silver ratio suggests that when silver reverts to its mean, its price could jump rapidly.
Pot Stocks Resurgence:
- Cannabis stocks, notably Aurora Cannabis, surged—with Aurora up around 50% and Canopy Growth rising 21%—after reporting strong financial results driven by its global medical division.
- Aurora reported significant revenue and profit growth, marking a potential revival for a sector that has long been seen as stagnant following earlier overhype and oversaturation.
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