Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Thursday, March 27th, and I'm your host, Kim Kong. Our top story so far, Wall Street is waving the white flag when it comes to the latest gold rally.

Spot prices set a new record high and near 3060 per ounce

as physical stockpiling of the yellow metal,

as a hedge against tariff uncertainty and the potential inflationary impact, continues.

New York demand for bullion led to record outflows in London in January.

Wall Street banks have been forced to rethink their thesis.

Goldman Sachs boosted its 2025 gold target to $3,300 from 3,100, and B of A predicts 3,500

per ounce within the next two years with U.S. trade policy supporting prices in the near term.

B of A said its new target can be reached if the investment demand for gold increases by 10%,

which can come from a number of places,

including continued buying by central banks and continuing appetite for gold ETFs among retail investors.

According to Reuters, Goldman said,

On the gold ETF side, our U.S. economists continue to expect two 25 basis point Fed cuts in 2025

and one additional cut in the first half of

2026, which underpins our baseline for ETF inflows. Looking to charts, SA analyst Dean Popowell

says immediate support rests at 2982 and 2950 if the lows at $3,004 are breached. On the upside, immediate resistance is in the 3025 to 3030 range

before the 3050 and then the 3075 handles come into focus. Looking to the economy, initial jobless

claims slipped to 224,000 from 225,000 in the prior week, revised from 223,000, slightly trailing the 225,000 consensus.

Continuing claims drifted lower to $1.856 million from $1.89 million prior, compared with

the $1.9 million expected. Pantheon macroeconomist Samuel Toombe says, claims remained low last

week with powerful storms across large areas of the

...