Comex gold futures in early May scored a record intra-day high of $2,085.40 an ounce. The technical posture for gold remains firmly bullish amid an uptrend in place on the daily bar chart. Fundamentally, safe-haven demand from investors around the globe has been more prevalent amid heightened geopolitics, global recession concerns and U.S. lawmakers’ brinksmanship with the U.S. debt limit. Meantime, China increased its gold stockpiles by 8.09 tons in April. Gold reserves in China now total 2,076 tons after that nation added 120 tons in the five months through March. China appears to be moving away from holding U.S. Treasuries in favor of gold. It’s no surprise China seeks to reduce its exposure to the dollar and U.S. Treasuries. There is likely more upside for gold in the coming weeks and months. Stay tuned! Jim Wyckoff