FlASH: Global Market Uncertainty Means Precious Metals Will Continue To Rise
This level of uncertainty in the global markets will prompt a massive move in the precious metals markets as traders and investors continue to put money into precious metals as a means to hedge against fear and weakness in the global stock markets.
At this point, we believe a move in Gold could easily target 1740 or higher and Silver could target 21.7 over the next 5 – 10 days.
This type of move would represent a 10% + rally in Gold and a 20% rally in Silver.
Any escalation of tensions and fighting between parties throughout the world will likely shed shock waves throughout the global economy as well as prompt a contraction in prices.
Our original target of just below 1600 has almost been reached. Now, with the global chaos playing out in China, Hong Kong, and other locations, we believe Gold could rally well past the 1600 and possibly move as high as 1675 before consolidating and setting up to move to 1,740 oz in Y 2020.
The price of gold is hitting new highs is most other currencies Vs the strong USD.
From an equities POV
Note: the stock markets activity is not an economic gauge, so always take what the market gives, it is your money, so your responsibility.
Have a terrific week.