Gold price in USD took a breather and dropped back a little bit...

Gold price in USD took a breather and dropped back a little bit over night after stronger than expected CPI from the US.

However, gold price in AUD closed at new record $3582/oz again. That is highest gold price in AUD ever recorded. And of course for all gold stocks on ASX, the Aussie dollar gold price matters.

Treasury yield is at its highest 4.5% on 10 year note. Inflation is still high. This means there is still plenty of room for gold price to keep going higher when treasury yield drops back to more normal level as inflation will eventually come down and interest rate cut cycle kicks in.

There is a new dynamics at work that support gold price: geopolitics, central banks around the world topping up their gold purchases and the de-dolarization by countries around the world, led by China, Russia, India, Brazil, Turkey,...This de-dollarization theme could be just at the begining of its journey.

You can hardly suck out any seller at 11c any more. Buyers of decent quantity at this bargain price must step up their bidding prices to be able to accumulate some shares IMHO.