"My Gold Target is Higher Than $1,700," Vince Lanci

(Recorded on January 10th, 2018) Gold is up 6% since the Fed raised rates last month, despite net outflows in gold ETFs. Vince Lanci, founder of Echobay Partners, said that not all investors have been flocking away from gold ETFs.“GLD has dropped about 10 tons over the last three to five weeks, what you’re seeing is small retail get out, and larger funds get in at this time,” Lanci told Kitco News. “The outflows are a function of people that need to sell gold to buy iPhones and pay their expenses.”Lanci maintained a bullish stance on gold going into the New Year. “My target is actually higher than $1,700 [an ounce] but I would be happy with $1,700,” Lanci said, “gold is not determined by financials, by supply….it’s determined by emotion. That means you have to look at how it’s managed by people who don’t want the price higher, and how it’s let loose by people who don’t care that much.”“I think we have another $100 of upside here for this run, over the next three to six months,” Lanci added. (show less)

(Recorded on January 10th, 2018) Gold is up 6% since the Fed raised rates last month, despite net outflows in gold ETFs. Vince Lanci, founder of Echobay Partners, said that not all investors have been flocking away from gold ETFs.“GLD has dropped about 10 tons over the last three to five weeks, what you’re seeing is small retail get out, and larger funds get in at this time,” Lanci told Kitco News. “The outflows are a function of people that need to sell gold to buy ... (read more)

Kitco News

Kitco News
The Kitco News team speaks to analysts and experts on the frontlines of the market to get the most up-to-date news on the economy. The show offers a well-rounded, timely view on big market moves and any major headlines that may affect financial assets. Coined – no pun intended – as the number one source of precious metals news, Kitco News is the leading provider of up-to-date price action in the precious metals space.

Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.