Has Gold’s Rally Come to an End? This CEO says Monday's Correction is ‘Healthy’
Gold prices ended the U.S. day session about where they started Monday--solidly lower. ‘We have had a spectacular run and it is healthy to have a correction,’ says famed market watcher Frank Holmes, and the CEO of U.S. Global Investors. Profit-taking pressure from recent gains, a higher U.S. dollar index and a generally improving risk sentiment in the world marketplace early this week all worked against the safe-haven metal. April Comex gold settled down $20.70 at $1,210.10 an ounce. March Comex silver settled the session at 15.184 an ounce, down 18.9 cents on the day. ‘Gold is up two standard deviations…[S]o math is in favor of a correction short term,’ Holmes says in the interview with Kitco News. ‘Historically we get a pop in gold for the Chinese New Year – if we go back just one month ago, gold was down one standard deviation. The markets will correct,’ Holmes stresses. On the topic of Goldman Sachs’ recommendation of shorting gold, Holmes, says the bank is ‘brilliant.’ ‘[T]hey always come out when gold is up two standard deviations and say ‘sell’; it is a very biased position, but they are smart when they come out and say time it’s time sell gold.’ Kitco News, February 22, 2016. (show less)
Gold prices ended the U.S. day session about where they started Monday--solidly lower. ‘We have had a spectacular run and it is healthy to have a correction,’ says famed market watcher Frank Holmes, and the CEO of U.S. Global Investors. Profit-taking pressure from recent gains, a higher U.S. dollar index and a generally improving risk sentiment in the world marketplace early this week all worked against the safe-haven metal. April Comex gold settled down $20.70 at ... (read more)
Gold Game Film
Gold Game Film features the founder of US Global Investors, Frank Holmes as he highlights play-by-play action in the gold market. Melding sports and precious metals, Holmes comments on gold’s touchdown pass of the week. Holmes also reflects on the opportunities and threats he sees for the gold market. Tune in every week to hear from our Monday Morning Quarterback, Frank Holmes.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.
