Gold Update: Next Major Price 1560ish; 1525 Near-Term
Hello everyone,
Quick Gold update here. We broke 1500 several times today, closed at 1501 and reached as high as 1510 today. Not only have we passed the 2nd key mark in this run (1450), but we have now entered an entirely different phase of momentum by reaching 1500. The close above 1500 represents a continuation of a near-term bullish run with no major retracement in sight - just some minor pullbacks.
The next stop will be about 1550-1560. From there I am expecting a retrace to about 1510 then off to 1600 by October 1st.
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Just remember, you must ask yourself: for where the market is, why is Gold so high when we hear from Larry Kudlow that the economy is so amazing. The answer..the economy is not great at all; it is being manipulated and pushed ahead by consumer and government overspending. If you subtract these two factors from the latest GDP number you would be looking at near 0% growth. Once we actually enter a recession likely in Q2 2020, look for Gold to make massive moves of 50.00+ in some days.
Moreover, the consumer is the LAST factor to fall and LAST to recover. Therefore, until unemployment shows up (at-least 6 months after a stock market crash), the GDP numbers will remain inflated. I don't expect unemployment to rise until late Q2 or Q3 2020.
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How high do I think Gold will go? My prediction is well over 2000 as we move through 2020 and into 2021 and 2022. This will be pushed ahead by eventual 0% USA yields, quantitative easing back to 0, and a global recession.
Stay long. Stay strong. Stay patient. Additionally, expect Silver to reach 20 quickly.
- zSplit
Quick Gold update here. We broke 1500 several times today, closed at 1501 and reached as high as 1510 today. Not only have we passed the 2nd key mark in this run (1450), but we have now entered an entirely different phase of momentum by reaching 1500. The close above 1500 represents a continuation of a near-term bullish run with no major retracement in sight - just some minor pullbacks.
The next stop will be about 1550-1560. From there I am expecting a retrace to about 1510 then off to 1600 by October 1st.
--
Just remember, you must ask yourself: for where the market is, why is Gold so high when we hear from Larry Kudlow that the economy is so amazing. The answer..the economy is not great at all; it is being manipulated and pushed ahead by consumer and government overspending. If you subtract these two factors from the latest GDP number you would be looking at near 0% growth. Once we actually enter a recession likely in Q2 2020, look for Gold to make massive moves of 50.00+ in some days.
Moreover, the consumer is the LAST factor to fall and LAST to recover. Therefore, until unemployment shows up (at-least 6 months after a stock market crash), the GDP numbers will remain inflated. I don't expect unemployment to rise until late Q2 or Q3 2020.
--
How high do I think Gold will go? My prediction is well over 2000 as we move through 2020 and into 2021 and 2022. This will be pushed ahead by eventual 0% USA yields, quantitative easing back to 0, and a global recession.
Stay long. Stay strong. Stay patient. Additionally, expect Silver to reach 20 quickly.
- zSplit
