After another wild day of trading in global markets where bonds soared and stocks plunged, gold is heading onward and upward, plus a break of this key level will cause gold bears to throw in the towel.
A Break Of This Level And Gold Bears Will Throw In The Towel
March 5 (King World News) – Peter Schiff: “Gold is only down about 1% from the $1,690 high that it hit on Feb. 24th. In contrast since then the GDX and GDXJ are down about 7% and 12% respectively. Once gold breaks through $1,700 I think the gold bears will throw in the towel and gold stocks will finally catch a bid.”
GOLD: Onward And Upward
Top Citi analyst Tom Fitzpatrick: “The 76.4% pullback level at $1,715 still looks likely to be hit followed by $1,796 and then the all time high at $1,921.
NEXT TARGET FOR GOLD: $1,796 Then $1,921
The recent fall in Gold looks to be more a function of “throwing out the baby with the bathwater” as increased volatility leads to higher VAR and risk reduction. When this happens profitable trades/hedges get cut as well as the losses. However renewed concerns, lower nominal and real yields and potentially a weaker USD should all support a further rally in Gold from here.”
***To listen to one of the most important interviews of this year with David Stockman discussing the wild swings in stocks, bonds, and gold (Stockman is very bullish on gold), as well as what investors should be doing right now and more CLICK HERE OR ON THE IMAGE BELOW.
Spot Gold 7 Year High Close As Dow Plunges 1,000
ALSO RELEASED: Spot Gold Closes At 7 Year High As Dow Plunges 1,000 And Gold Surges Another $30 CLICK HERE TO READ.
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