Gold Surges 2.7%
Contributed Opinion

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Barrick Mining Corp. and Agnico Eagle Mines Ltd.
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I watched in amazement as gold rose US$10, US$20, US$35 and US$45 yesterday and into the evening and then saw US$+74 Monday morning.

The gold bulls would be cheering.

Up 2.7%.

A 2.7% rise is a big daily move, especially in gold.

Market size in now US$26.5 trillion with US$703 billion added today and US$8.5 trillion since January 1, 2025.

So a few billion US$ buying today made US$703 billion.

This gold business is a real money maker!

Gold could now move higher to test the top of the channel and this could coincide with US$4,000 and the parabola backtest.

And possibly US$50 for silver.

And then what?

Upsloping wedge:

Backtesting parabola:

So, do I have this wrong?

Maybe.

However, the surrounding environment does still not support this strong gold price.

Just look at the overnight action in the gold stocks below.

Gold Stocks

• Upsloping wedges in these indices.
• Island reversals.
• New highs but closes at the lows.

Look at these majors.

These aren’t inspiring results for a 2.7% rise in gold.

Big volumes look like distribution.

Not the signs of another upleg.

Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) has a new high but closed lower.

Barrick Mining Corp. (ABX:TSX; B:NYSE) has no new high — closes at lows — possible island reversal? Ugly.

Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) has a new high, but is closing at lows. Island reversal?

Kinross Gold Corp. (K:TSX; KGC:NYSE) has no new high, but closed at lows. Island reversal?

Barrick CEO Mark Bristow retires — most certainly at the top here!

Great timing.

Silver

Silver is trying to get to the previous US$50 high.

Parabolic rise phase. How high?

This looks like silver is to rise versus gold. Silver up or gold down?

Head the markets.