Daily Gold Market Report

Gold pushes higher on surprise OPEC production cut
Gold currently experiencing ’round number resistance’ at $2000

(USAGOLD – 4/3/2023) – Gold pushed higher this morning in the wake of OPEC’s surprise declaration it would cut oil production by a million barrels per day – a move Bloomberg called an “inflationary jolt to the world economy.” It is up $8 at $1979.50. Silver is down 15¢ at $24.02. Down the Rabbit Hole says gold is currently experiencing “round-number resistance at $2000,” but nevertheless a “go-to asset” anchoring value within “a system that is changing, and may well be falling apart.”

“Gold,” continues DTRH, “is not a price vehicle and as such, it should not be cheered, rooted for, or otherwise pumped with stupid buzz sayings like ‘got Gold?’. It will get where it is going of its own value proposition. It is a rock and an anchor. As the system splits its seams the value of said rock (AKA insurance) gets marked up in the minds of newly, financially sober humans.”