Despite higher crude, gold and silver are both moving higher. A few things stand out:

Iran escalation: Geopolitical concerns remain extremely elevated, reinforcing the safe-haven bid for gold.
Dutch Central Bank gold: The Dutch Central Bank is moving billions of dollars of physical gold from the U.S. to London, citing geopolitical risk. Another reminder of how central banks are thinking about where their physical gold is held. https://lnkd.in/gUWh4S38
Weaker U.S. dollar: The USD is lower, providing another tailwind for precious metals. Take a look at the 1-day Spot Gold/DXY chart on WatchGold.org — the relationship is pretty clear today.
India: Prime Minister Modi is urging Indians to avoid buying gold unless necessary. In one of the world’s largest gold-consuming nations, when the Prime Minister feels the need to ask the public to curb physical gold demand, that tells you something about just how significant that demand has become.

We still need to be patient. The market needs a more permanent resolution on Iran, while we also have to keep a watchful eye on the FOMC, U.S. interest rates and the dollar.

Step back from the day-to-day noise and the bigger picture remains clear to me:

The fundamental case for gold remains bullish. Patience is still required, but the reasons to own gold aren’t going away. #Gold #Silver #PreciousMetals #Iran #FederalReserve #WatchGold