Gold Uptrend To $1800 Still On Track, Despite Brief Consolidation
Although gold dropped in price this week, Top Citi Analyst Tom Fitzpatrick believes gold is still on track to reach US$1800.
In this analysis, Fitzpatrick shares some great insights on the upcoming prices of gold and silver:
The past week saw a rally through there but the weekly close was marginally below suggesting a brief period of consolidation within the uptrend…[this] could mean we could trade just below $1,500 before the uptrend resumes. Ultimately the inverted head and shoulders targets $1,690 and we have good resistance above there in the $1,800 area.
Greyerz: Silver’s $4 Surge Is Just The Beginning
There is one spectacular investment opportunity today that virtually no one talks about. It represents less than 0.1% of global financial assets. This investment has a potential upside of 36x or 3,500%. The downside is extremely limited since supply is finite and demand strong. It is selling at around production cost and has a real intrinsic value. It has also been money for thousands of years.
Yes, I am of course talking about silver.
For those that were burned by the 70% fall in silver after the 1980 high, Greyerz promises good news ahead. He believes now is one of those ‘times in history when an investment is likely to make spectacular gains for an extended period of several years.’ He warns Silver’s $4 price surge since June is just the beginning.
Schiff: $5000 Gold And The Pullback In The Metals
With news of China and the US resuming their trade talks in October, gold has traded lower this week as investors sell their treasuries and gold in favour of a trade war resolution.
According to Schiff this is not the right approach:
People must remember that gold’s rise is not related to the trade war, but to the currency war which will continue to wage….
Most investors think my $5,000 gold call is crazy. But what’s crazier negative interest rates or $5,000 gold? In the insane world of negative interest rates, $5,000 gold is the one thing that makes sense.”
Gold Poised Well For The Future
Reading the news today of the riots and protests in Hong Kong as well as the military action between Iran and Israel suggests to us that the metals markets are poised for a very big run this week and possibly much further into the future.
This type of Chaos creates a level of uncertainty in the global markets that will prompt a massive surge in the precious metals markets as traders and investors continue to pour into precious metals as a means to hedge against fear and weakness in the global markets.
