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"This Is The Worst Gold Market I have Ever Seen" - Metalla Royalty

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(Kitco News) - The gold mining space is facing one of the toughest times in history, but that’s not stopping gold prices from seeing better days.

All the right conditions are in place for gold to continue climbing, and one analyst is doubling down on his $1,500 an ounce call by year end.

E.B. Tucker, director of Metalla Royalty and Streaming, said all the pieces are in place for a rally, which will come soon and fast.

“The thing I want you to think about is what happens to the market and where is the opportunity when gold hits $1,500. It’s going to hit it fast, I mean, it’s up $60, roughly, in the last three trading days, so this move is going to happen quickly, and it’s going to catch people off guard,” Tucker said.

On comparing gold to bitcoin, Tucker said that the yellow metal has been around for thousands of years and people should stop comparing it to bitcoin, which is not in the same asset class.

“It’ not even a question, it’s like walking versus air travel, it’s not even comparable,” Tucker told Kitco News on the sidelines of the 121 Mining Investment conference in New York.

Bitcoin’s finite limit is also not sufficient to classify the cryptocurrency as a safe haven asset and store of value, Tucker noted.

“What people don’t realize is that there’s only about, I think, $160, $150 billion worth of bitcoin available in total supply, and with gold there’s $8 trillion. People say ‘well, there’s less bitcoin than gold, and that’s better,’ well not really, because you look around the world and you have asset managers, people have to move in and out of these assets, and [bitcoin] is not a functional place to store money,” he said.

In response to bitcoin’s rising functionality as a means of payment at retail stores, Tucker again said that the comparison cannot be drawn with gold.

“I don’t need to do that with gold, because gold is a place to store wealth, so I don’t need to take my wealth and buy sandwiches, I need to use my wealth to preserve myself as a man of substance through the down periods. That’s the purpose of gold: it’s real money you can trade it into something, into another type of money whenever you need to,” he said.

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.