"Gold Will Be Overnight Success, 30 Years In Making," Says Vince Lanci

Gold has been “benignly ignored” during the recent equities selloff, according to one veteran trader. “Gold is being purely a proxy for the dollar, which is commanding more demand by people in a panic,” Vince Lanci, founder of Echobay Partners, told Kitco News.According to the trader, the yellow metal will likely soar “overnight, 30 years in the making,” meaning that investors will flock to the safe haven once it is understood that it is the best possible hedge instrument against equities corrections.Lanci noted that he would not be a buyer of gold in this market. “On an intraday trade, I would be a seller, $10 higher, or I would be a buyer $20 lower” he said. (show less)

Gold has been “benignly ignored” during the recent equities selloff, according to one veteran trader. “Gold is being purely a proxy for the dollar, which is commanding more demand by people in a panic,” Vince Lanci, founder of Echobay Partners, told Kitco News.According to the trader, the yellow metal will likely soar “overnight, 30 years in the making,” meaning that investors will flock to the safe haven once it is understood that it is the best possible hedge ... (read more)

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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.

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