Gold Tuesday scored another record high of $2,384.50 an ounce, basis June Comex futures. Safe-haven demand for gold has increased recently. The Israel-Hamas war continues hot. Israel was also apparently responsible for an air strike recently that killed a few top-brass Iranian military officials. The charts are firmly bullish for gold, which continues to invite the technical speculators to the long side. Also helping the precious metal appreciate is raw commodity sector leader crude oil seeing a price surge, with Nymex futures last week climbing above $85.00. Especially impressive to gold bulls is that gold continues to trek north despite a rise in U.S. Treasury yields and concurrent strength in the U.S. dollar. Typically, rising bond yields and an appreciating greenback are bearish for gold. Stay tuned!—Jim Wyckoff