Gold has returned to its trend of setting new records (almost) every day.
Of course, today it is taking a break, having fallen a few dollars after a torrid run last week.
In fact, last week we were excited because gold was approaching $2,800. Now the metal has $2,900 directly in its sights.
I believe it will rise much higher in this trend. Frankly, it seems to me that gold is now aiming for the magic level of $3,000.
As for why gold is skyrocketing while other markets are falling or faltering, that's an even more interesting and compelling story.
Gold “wants” to rise further
A powerful sign of a bull market is when seemingly bearish news or data is interpreted bullishly by investors.
As I have said numerous times over the years, and particularly during this year-long gold rally, it is moments like these when gold seemingly “wants” to go higher.
That is exactly where we are now, at a time when not even a strong dollar or a rise in Treasury yields can stop gold's upward trajectory.
So what is really behind this latest move in the metal?
Well, that tariff mess, which seemed to be the reason behind the gold price jumps earlier this week, came and went in a flash. So, we'll have to dig a little deeper to see what's really worrying investors.
There is a veritable tsunami of Treasury debt about to hit: nearly $10 trillion in Treasury securities that will need to be rolled over in 2025, a total far higher than any other in history.