If you read our Wednesday bulletin, you’ll know that there was huge movement in gold prices this week. As we reported, gold prices soared to an eight year high of $1,610 on Tuesday following the US assassination of an Iranian general and retaliatory attacks on US based in the region.
The gains came as senior market strategist at Bloomberg Intelligence, Mike McGlone confirmed a rosy outlook for the metal saying in a commodity briefing that, “gold is embarking on a new bull market”.
If that left you a little behind the curve, an unexpected new opportunity has arisen to buy now as the latter half of this week has seen gold prices slip back to $1,550.
One expert says that this affords investors a great chance to snap up gold now, with the expectation that much more sustained gains are just around the corner.
Analyst Lobo Tiggre says, “My view of the bigger picture is firmly bullish. Easy money and FOMO are driving Wall Street higher, but investors do know that risk assets—as the name implies—are not a safe place for their money. The next big scare could turn the recent $1,610 peak into a mere foothill of a far larger peak ahead.…the easy money policies of the Fed, ECB, and other central banks are extremely bullish for monetary metals and gold is number one. In such a world, it’s easy to picture gold rising much more this year than it did in 2019.”
It’s important to keep in mind that the new tensions in the Middle East join an already large pool of likely forces for gold price gains including US monetary policy, the weakening dollar, impending Brexit, global economic uncertainty and the potential for the US-China trade war to bubble over at any time. With so many factors in place to push gold higher as per market expectations, the smart money is on leveraging this window of opportunity now before prices rise once again.
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