Gold takes a breather from solid gains of past two days
Gold up 5.22% year to date; silver up 4.53%

(USAGOLD – 2/18/2022) – Gold is taking a breather this morning after the solid gains of the past two days, even as the Russia-Ukraine crisis took a turn for the worse and St. Louis Fed President Bullard warned that inflation could spin out of control. It is level at $1900. Silver is up 25¢ at $24.13. Both are challenging important psychological chart barriers at $1900 and $24 respectively. Year to date, as of this morning, gold is up 5.22%; silver is up 4.52%.

Gold and silver 
(%, year to date)

Chart courtesy of TradingView.com

“As many gold bulls remain confused about why gold isn’t already heading for $3,000,” writes Intelligent Investing’s Clem Chambers in a recent Forbes article, “the question really is, what can possibly stop it? The Federal Reserve’s tightening must be in the price, so all that is left is the open questions of European conflict and the length of time that inflation will run hot. The latter answer is inflation is going to run hot for a long time. I believe years. So what should the projection be? It’s unpleasant to think in terms of a major European conflict, but the impact on everything, including gold, will be tremendous if a conflict escalates.”