Gold Quiet After Reversal Rally On Monday
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Since last Wednesday’s Fed Ponzi scheme report, the gold haters tried with all their might to push gold lower. On Monday the bulls took a stand and gold reversed. Although gold is lower this morning, we will watch $1,290-$1,300 to be buyers.
There are many reasons to be bullish gold and for now I don’t see any reason to be bearish. Gold is at support; the equities look to be ready to roll over, especially the Nasdaq, which had a key reversal on a weekly basis last week and many of the FAANG stocks are in correction territory
Gold and silver look good no matter what right now, but if the equities start to fail -- which is a real possibility -- gold and silver could fly. The general markets are on edge. Coupled with a clueless Fed, you have the recipe for a meltdown, which will only support the prices of the precious metals.