Can market sustain above $80 crude, below $1,700 gold? Unlikely

Bloomberg Intelligence/Mike McGlone

Repost from 10-7-2021

photo of scatterred gold bars against clear background
“China pushing back on free-market capitalism and July’s required reserve ratio cut are challenges. Reversion risks in the hot U.S. stock market vs. cold dollar add to commodities’ potential for pullback. We see probabilities tilted against crude oil and toward gold in 4Q.”

USAGOLD note: McGlone sees a pullback in commodities and overlooks the current weakness in gold to predict it will revisit the peak attained in 2020.

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