Gold has hit ATH over last few months and will look to target 2900 with several interesting drivers:
1. BRICS meeting end of Oct that will discuss new monetary unit, comprising up to 40% gold.
2. FED rate cut of at least 25bps , cementing the easing cycle continuing - all good for commodities, especially precious metals.
3. US elections uncertainty and support for economy boosted by liquidity injections.
I am Long ETF miners and GLD/SLV in anticipation of the strong moves over the next couple of weeks.
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- Simplyff·10-22Precious metals will our perform during low interest rate environments because the opportunity cost is much lower, but of course what is most concerning is inflation and precious metals will preserve value as the purchasing power of fiat currencies decrease.LikeReport
- FabianGracie·10-22Wow, it seems like gold has a lot of bullish factors in its favor right now.LikeReport