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Gold has reached an all-time high, hitting record levels over 30 times this year. As of yesterday, the SPDR Gold Trust (GLD) has shown a 13.8% increase over the previous 24 sessions, with a relative strength index (RSI) exceeding 80, indicating an overbought condition.
Statistical analysis indicates that in the past, similar scenarios have led to price declines of 1% after one month, 3% after three months, and 3.2% after a year. Meanwhile, central banks have accumulated over 1,000 tonnes of gold each year for the last three years, compared to an average of 400-500 tonnes in the preceding decade, reflecting a shift in demand for gold.
In related developments, Federal Reserve Chairman Jerome Powell acknowledged that equity prices are ‘fairly highly valued,’ leading to immediate market sell-offs. Furthermore, President Trump’s administration is seeking an investment stake in Lithium Americas Corp., contributing to a 93% increase in its stock price amidst broader market strategies aimed at boosting the economy.
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