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Robin Griffiths - Important Price Targets to Look For in Gold
With the gold market experiencing profit taking, today King World News interviewed one of the top strategists in the world, 40 year veteran Robin Griffiths of Cazenove. Cazenove is one of the oldest financial firms on the planet and is widely believed to be the appointed stockbroker to Her Majesty The Queen. When asked about the action in gold Griffiths replied, “The prime trend is obviously incredibly strongly upwards and that’s going to persist for a very long time to come, however in the very short run it’s overbought. It’s deviated quite a long way above its rising trend line and also in the short run people are not usually good at sitting on big profits. So you’re bound to see at some stage some profit-taking.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
August 23, 2011
Robin Griffiths continues:
“I think what might trigger it (profit taking) is I’m expecting equity markets generally in the West to fall some more between now and late October. In that period people do the wrong thing, instead of cutting a loss on the equity market, the bear market, they tend to take a profit on the only thing they’ve got a profit on. So in the shakeout in equity markets still to come you might well see some profit-taking on gold.
It could bring the bullion price back to about $1,700. If it does that, buy that dip because the final highs are going to be hundreds of percent higher than we are currently trading. I’m in the camp thinking it (gold) will go to somewhere between $5,000 and $10,000 an ounce at a minimum. There are scenarios that take it higher than that, but it’s got many times up from here.”
When asked about the US dollar Griffiths responded, “The dollar is trying to make a base and if world markets enter a panic phase, which is entirely likely in October of this year, you would expect a dollar rally. However, in the meantime if Mr. Bernanke comes up with QE3, QE4 and QE5 or even thinks about them (publicly), the dollar will continue to be weaker.
In that scenario, the euro with all of its problems stays slightly stronger than the dollar. But in practice, in the global context, both of these currencies are suspect and really one needs to protect against their downside risks.”
In this segment Griffiths discusses where gold and silver are headed in detail along with world markets. The KWN audio interview with Robin Griffiths will be available shortly and you can listen to it by CLICKING HERE.
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
Eric King
