Today the man who correctly predicted the bull market in commodities now says the price of gold is headed to a new all-time high.
Eric King: “Peter, you’ve been correctly bullish on gold. You called the bear market low in commodities and said we were going into a bull market — it was a great call. Where do you see things headed in 2017?”
The Gold Market Is Now Seeing A Change In Dynamic
Peter Boockvar: “This week was actually an interesting performance for gold in that you had a couple of days where the dollar had pretty good rallies and gold was up also. And you just have to ask yourself now whether this is a change in dynamic? Everyone is trained to think that gold goes down when the dollar rallies and vice versa. But maybe gold is going to be treated (as its own currency) vs other fiat currencies, regardless of whether it’s the dollar or some other fiat currency…
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Just look at the last two days. We had this big move up in stocks, a rally in the U.S. dollar, a selloff in bonds, rising rates, and gold traded great. So I think there’s some digging in technically that we are seeing in gold and silver.
“How Can I Not Own Gold?”
There’s an extraordinary amount of confusion and battling going on amongst countries to have a weaker currency. This has been going on for years, so this is nothing new, but maybe we’ve reached the point of a threshold where it begins to matter, and I think that will begin to show up in the action in gold. So I remain very bullish. I understand after the day of the election, Trump wins and people think, ‘OK, maybe I don’t need to own gold.’ But I think on further analysis people will think, ‘How can I not own gold?’”
Eric King: “People say we had the Super Cycle bull market in commodities and it ended and you are not going to see gold go back to the old high. They fail to understand what gold is really all about because this has to do with currencies and the monetary madness. We are in a secular bull market in gold. We ended the mid-cycle correction (late last year) that was similar to what we saw in the ‘70s, and we are going into the next leg higher in this secular bull market in gold. That means the price of gold will punch above $2,000. Is that your view?”
Peter Boockvar: “Yes. I agree with you. Every bull market takes out the previous bull market high. So $1,900, which was the previous bull market high in September of 2011, that level is going to be…To continue listening to the remarkable KWN audio interview with Peter Boockvar CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: A Look At Silver’s Breakout And What It Means For The Gold & Silver Markets CLICK HERE.
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