Gold just pulled off a glitzy flex, smashing through the $3,300 mark and setting a fresh record at $3,313 an ounce — its biggest spotlight moment yet.
Silver, not wanting to be left out, also polished up with a 70-cent jump back above $33.
Peter Schiff couldn’t help but declare it the “biggest financial story of the year,” and honestly, it’s hard to argue. Gold isn’t just glittering—it’s glowing, as markets wobble from renewed U.S.-China chip tensions and fears of an escalating minerals trade war.
Safe Haven Shine: Geopolitics Fuel the Gold Run
Ole Hansen from Saxo Bank says the rally’s got geopolitical legs: “Trump’s trade war shows no signs of easing,” especially with a new probe into semiconductors and critical minerals, reported the Guardian. That’s sent investors running from risky assets and straight into bullion’s waiting arms. Safe haven? More like golden fortress.
Read Also: Barrick Gold Proposes Name Change, Targets 30% Production Growth By 2030
Barrick GOLD Nails The Golden Cross
And while the precious metal grabs headlines, Barrick Gold Corp (NYSE:GOLD) is quietly stealing the show on the charts.
Chart created using Benzinga Pro
The stock made a Golden Cross — trader-speak for when the 50-day moving average crosses above the 200-day, a classic bullish signal. Translation? Momentum is sparkling.
Barrick GOLD is now trading at $20.98, comfortably above its five, 20, 50, and 200-day moving averages. Technically, it’s flashing bullish harder than a Vegas neon sign. Year-to-date, the stock is up over 27%, with an 11.7% gain just in the past five days. That’s not a melt-up – it’s a full-blown gold rush.
But not so fast. Despite the bullish momentum, there’s a bit of a tug-of-war brewing. Analysts note rising selling pressure could throw some cold water on the party. Still, with ANZ bumping its gold forecast to $3,600 by year-end, the bulls might not be done dancing yet.
Bottom line? In a world where semis are out, sparkle is in. And Barrick’s got the bling and the chart pattern to prove it.
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