Gold is up $13 early in the week after a spike to record highs and a nearly $100 reversal on Friday.

Gold continued to heat up for most of last week but it ended it a concerning fashion as it spiked to $2430 only to fall as low as $2335. It's bounced today but generally looks to be consolidating after Friday's extreme volatility.

Gold 10 mins
Gold 10 mins

ANZ Reserach expects gold to trade near $2500 at the end of 2024. That follows Goldman Sachs on Friday boosting its call to $2700.

Notably, ANZ sees silver outperforming and rising to $31/oz as retail traders play catch-up in a move that has been largely missed so far.

I agree that retail hasn't participated, especially in the west. Much of the buy has been driven by Asia, likely by central banks but also by Chinese ETF buyers. So while US retail could super-charge the rally, it's frothy in China.

So far, we haven't had many real dips to buy and the ones we've seen since rally took off in late-February have been shallow. A few days of consolidation here could be constructive but if $2335 breaks, we could be in store for a deeper correction down to $2250 initially.