As the war in the gold and silver markets continues to rage and the dollar struggles, here are two of the greats discussing the pullback in gold and what to expect next.
Peter Boockvar had this to say about the pullback
in gold and rally in the dollar…
“Thanks to the Chinese news last Friday about relaxing reserve requirements for banks that conduct FX forwards for clients, the subsequent yuan weakness led to selling in industrial metals, a bit of a bounce in the US dollar against other currencies too and a selloff in gold. Also, this came in the context of the weak dollar crowd getting too full in the very short term. This is nothing more than a modest pullback and consolidation in gold. The dollar bear market is still on, the gold bull market is still on.”…
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Egon von Greyerz weighs in on the pullback in gold…
“The longer trends of the dollar down and gold up will continue and it will accelerate in the coming months. But we must be clear that it is never a straight line. There will be pullbacks in gold and countertrend rallies in the dollar. But gold has still been the best performing asset. We have had this big move in gold and technically and fundamentally it is holding up very well. And it won’t be long until we will see an acceleration in the rally. We will see a quick move to $1,370, followed by a break above $1,400. At that point the upward thrust in gold will become more violent.”
King World News note: Many investors are still worried and waiting for the next shoe to drop in the gold market, but the reality is that gold is now in the early stages of what will ultimately be a massive bull move to the upside. The investor fears about the gold market are typical for early stage bull market moves where the bull market “climbs a wall of worry.” Stay strong and don’t lose your positions due to early stage shakeouts, which are nothing but noise.
***ALSO JUST RELEASED: STOCK MARKET CRASH WARNING: “Reversal Could Happen Quickly And Strongly…Likely To Induce Panic” CLICK HERE.
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