On the April 11, Jordan Eliseo, General Manager, ABC Bullion Australia said the media that gold prices hit new records in overnight trade, with the precious metal trading up toward USD $3,175oz. The strong price gains have continued this morning, with the precious metal spiking above USD $3,200oz, with gold now up 23% year-to-date (ytd).
The surge occurred against a backdrop of continued market chaos across risk assets, with the S&P 500 and NASDAQ down 3% and 4% respectively (it should be noted both markets saw one of their biggest one-day bear market rallies on record on Wednesday night Australian time). While US 10-year bond yields rose toward 4.5%, with the Trump administration option for a 90-day delaying to the implementation of the punitive tariffs that they announced on “Liberation Day” just over a week ago.
Silver, while steadying in overnight trade, has not seen the same support that gold has in recent days, last trading at USD $31.15oz and AUD $50oz, with the gold to silver ratio now sitting at 102. If history is any guide, then in gold terms at least, silver appears extremely cheap, with the precious metal often outperforming after periods of market turbulence like the one we are experiencing right now.
Clients of ABC Bullion certainly appear to be of this view, with silver sales surging against a backdrop of near-record demand for precious metals amongst investors in Australia. Now, the point further is, how high can gold go? Last but not least, this week it is also seen Goldman Sachs release a bullish outlook for the precious metal.
Looking at the various drivers of gold demand, the bank suggested that if we see a combination of strong central bank demand (of circa 110 tonnes a month vs baseline expectations of 70 tonnes a month of buying) and gold ETF holdings return to their Covid era highs, then we could see the precious metal trade up toward USD $4,200-USD $4,500oz.
If a USD gold price rally of such magnitude were to occur, it would imply that the AUD gold price could be trading up toward $7,000 per ounce.
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