Top Stories This Week: Gold Hits New All-time High, First Quantum Pursues Arbitration

Gold began the final month of the year auspiciously, hitting a fresh all-time high.

February gold futures ended Friday (December 1) at US$2,091.70 per ounce, but as Lobo Tiggre of IndependentSpeculator.com pointed out, the yellow metal closed at its highest level ever regardless of the contract.

The move has generated excitement among market participants, but whether gold keeps rising remains to be seen.

I heard recently from David Morgan of the Morgan Report, who said it's tough to say whether it's finally gold's time to break out or just another "fake out" from the precious metal. Here's how he explained it:

"We set a line, and gold has to achieve above that price, and it has to maintain it for three days in a row. And it also needs to be on above-average volumes. And if that occurs then we are about 80 percent assured that it is a breakout and not a fake out. We'll see — I lean toward unfortunately I think it's going to come down again, but I could be wrong" — David Morgan, the Morgan Report

We'll be posting the full interview with Morgan in the coming days. I'll also be speaking about gold and other topics next week with Gareth Soloway of InTheMoneyStocks.com and Chris Vermeulen of TheTechnicalTraders.com, so email me at cmcleod@investingnews.com if you have a question for either of them.

I'd also love to know if there's anyone else you'd like to hear from before the end of 2023.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.