Oct 19, 2016

More Money Will Move Into Gold

As the potential for an interest rate hike is diminishing the appeal of Gold (SPDR Gold Trust ETF (NYSE:GLD)) is improving. Gold prices (SPDR Gold Trust ETF (NYSE:GLD)) are now back above 1260. We had a couple of back to back strong days in the gold sector (Market Vectors Gold Miners ETF (GDX)) and maybe this most recent correction of the upward trend which the catalyst for it was the renewed expectation of a November and December interest rate hike, I think as those expectations are reallistically dialed back we are going to see more money moving into the metals (SPDR Gold Trust ETF (GLD), iShares Silver ETF (SLV))

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

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