Gold is in a minor correction before going above $1400
Not much to say here really, anyone with half an brain can see the global macro trend on growth is indeed really slowing down if not come to an halt, so how is Fed gonna raise rate? so many CBs are lower their rate based on their country's economic recession, what makes the US differently? please don't lose sight that the US is the world's largest debtor, they doing OK its only based on the dollar reserve currency status. and we can see many signs that countries is abondoning the dollar and move in to a new type of Gold standard (digital based)
so it would make much sense that everyone wants a lower gold price cuz they want to accumlate as much as possible before the next global systemic collapse, and Gold(silver) is the only insurance out there to protect one's wealth(or nations), CBs are the net Gold buyer really proves it...
so don't focus too much on daily price movement(volatilities indeed increasing) rather look at the big fundamental down the road (10-30+ yrs)
so it would make much sense that everyone wants a lower gold price cuz they want to accumlate as much as possible before the next global systemic collapse, and Gold(silver) is the only insurance out there to protect one's wealth(or nations), CBs are the net Gold buyer really proves it...
so don't focus too much on daily price movement(volatilities indeed increasing) rather look at the big fundamental down the road (10-30+ yrs)
we should expect price moving above $1400 easily by year end, possibly even above $1500 given the uncertainty of US election.
watch closely on USDCNY, further the RMB depreciated, more bullish for Gold because of the newly open Shanghai GOLD, when Rmb goes down, Gold priced in RMB goes up, the london and NY price has to match up with Shanghai....
so now the dollar has less impact on the price of GOLD, it will become lesser and lesser....it will come a day what influences the price of gold will be on the value of RMB....