After yesterday correcting predicting that the GDP number would beat estimates and telling KWN readers to buy the initial dip in gold because it would mark a low for the correction, here is what a former associate of George Soros told King World News today.
Victor Sperandeo manages over $3 billion, has been in the business 45 years, and has worked with famous individuals such as Leon Cooperman and George Soros. Below is what Sperandeo had to say.
Victor Sperandeo: “The GDP number came in at 2.9 percent, and after an initial dip, gold is acting terrific. If you look at gold and silver, they should be trading down and yet they are trading higher. This is very strong action in the gold market technically and this setup is very bullish. Gold is now set up to trade above $1,400 and then above $2,000.
And if you look at interest rates, they are rising all over the world and the stock market has topped. And in Europe, people are switching from the Swedish krona to the Norwegian krone. This action in the currency markets is a further indication that the EU is in trouble. Norway is not part of the EU, even though they have trade pacts with them. The reality, Eric, is that people are fleeing the EU into countries not affiliated with the EU. This is another point where gold wins because if the EU collapses, then the world goes into a depression.”
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