Gold just below all-time high of $2,075. Will it break out?

Welcome to this week's Market Wrap Podcast, I'm Mike Gleason.

As trading for the final month of 2023 kicks off, the gold market is pushing toward a historic breakout.

The monetary metal rallied to $2,060 an ounce on Wednesday, marking its highest close of the year. It then gave back a few dollars on Thursday. As of this Friday recording, gold prices are up again and come in at $2,071 and show a weekly advance of 2.9% as of this Friday midday recording.

Gold closed over $2,000 at the end of a month for the first time ever in November, and is now set to record a new all-time high on a weekly closing basis as well. This the 4th time the yellow metal has reached current price levels since late 2020.

And barring a severe selloff in the days ahead, gold will finish 2023 with its highest ever annual close.

Pretty good considering the headwinds it has faced this year from rising interest rates and negative sentiment.

The mainstream financial media has virtually ignored gold. Investors, meanwhile, have by and large chosen to hide out in money market funds, Treasury bills, and other forms of cash that now actually yield something – at least in nominal terms. Investors have shown little interest in Wall Street-peddled precious metals instruments such as gold ETFs, which have seen net outflows this year.

The fact that gold still elicits yawns from the general public despite closing in on new highs is actually constructive for the bullish case. It means that a huge amount of skeptical money still sitting on the sidelines can come pouring into precious metals if sentiment shifts.

Of course, once gold breaks out decisively into uncharted territory above the $2,100 level, the financial media will no longer be able to ignore it. And investors who had previously dismissed gold as an asset that was going nowhere will no longer have that as an excuse for avoiding diversification into hard money.

Silver, too, is setting up for a breakout. Although it's a long way from being within striking distance of its all-time high, it is rapidly nearing a new high for the year. Silver today is still only half of its all-time high of $50, as its underperformance continues to disappoint precious metals bulls. That said, silver is thought to be the better value right now, along with platinum.

For the week, silver shows a weekly gain of 4.3% or just over $1 to bring spot prices to $25.56 per ounce. Platinum is little changed at $944. And finally, palladium prices are dipping 6.1% this week to trade at $1,040 per ounce.

Metals bulls are hoping for a Santa Claus rally to close out the year. Christmas shoppers, meanwhile, are looking for gifts that will impress their loved ones.

Meanwhile, premiums on coins, bars, and rounds have fallen to levels not seen for years, as the supply of retail forms of precious metals has finally caught up with demand.

Money Metals Exchange offers bullion products for all budgets – from copper rounds that can be stuffed into stockings to pure 24-karat gold coins for that special someone.

If you're looking for affordable silver bullion gifts that come ready to give, you may want to order a handful of our holiday-enhanced Silver Eagles. We are pleased to offer the world's most popular silver coin – the American Eagle – packaged in our exclusive "Merry Christmas" capsule.

If you're looking for something more unique, you'll find it in the form of a silver statue. From soldiers to animals to even dragons, these impressive designs made from Sterling silver are much more than mere paperweights.

They are great alternatives to cash, gift cards, or other run-of-the mill presents. But the truth is, precious metal in any form is virtually guaranteed to bring bigger smiles to people's faces than the equivalent value represented in paper or plastic.

If you want to make a real impression, our 24-karat gold bracelet would be an excellent choice. This stunning 1-ounce pure gold bracelet features a hammered finish and designer look. But unlike the price you would pay at the local jewelry store for a similar item, our 1-ounce gold bracelet costs hundreds, if not thousands less.

Pendants and earrings made of .9999 pure gold are also available. Because jewelry that is gold plated or alloyed with cheaper metals just wouldn't be as pleasing to a genuine gold bug.

For other precious metal gift ideas including our unique locking book safe and silver starter kits, visit MoneyMetals.com.

There is nothing like the timeless beauty and tangible weight of a bullion product. It leaves a lasting memory.

Unlike other popular gifts such as clothing or electronics that will eventually wear out or become obsolete, any quantity of precious metal stands to become more, not less valuable over time.

The gift of precious metal can be cherished for years or even decades to come. It can help teach children about the value of money, the risks of inflation, and the long-term benefits of saving.

Speaking of inflation, the Commerce Department reported on Thursday that the “core” Personal Consumption Expenditures price index is rising at an annual rate of 3.5%. That's a drop from the previous month's 3.7% reading in the Federal Reserve's preferred inflation indicator.

The PCE report was roughly in line with expectations and didn't move markets much. But it does reinforce the perception that inflation is moving closer to the Fed's 2% target. That means central bankers will have no new reason to raise rates again.

And with interest rates no longer moving higher, either on the short end or the long end of the yield curve, the bullish case for the U.S. dollar may be effectively over.