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Gold Remains Attractive

Commentaries & Views

(Kitco News) - Just returned from an investment conference in Bermuda, where the mood among some of the biggest names in the industry was definitely bullish. To be taken in context, most players in the metals space are generally neutral in a worst-case scenario but almost always bullish albeit sometimes with the caveat “if you are a long-term investor”. Metals dealers do not make money telling investors that gold is a negative play. But as we discussed last week, the macro landscape remains constructive for higher prices in the short term. The unsettled global equity market, Italy’s budget issues and the unresolved Brexit issue all combine in attracting flows into gold. The mid-term election a few weeks away may produce a swing in the power dynamics in Washington, with Democratic gains creating at best a lame-duck administration. Technically our level of $1,220 held up and $1,237 was touched overnight. A break here may see a quick move to the $1,250 level. Palladium continues to power on touching an all-time high in overnight trade.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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