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Gold pushes south of $1500, awaits Powell speech tomorrow

(USAGOLD – 8/22/2019) – Gold pushed south of the $1500 mark in today’s early trading as financial markets pretty much went on hold in anticipation of Fed chairman Powell’s speech tomorrow.  Gold is down $6 at $1496.50.  Silver is down 9¢ at $17.05.

As mentioned here last week, it wasn’t all that long ago that calls for $1500 gold were greeted with a considerable amount of skepticism. Now with $1500 gold a reality, some analysts are eying the potential for gold reaching another milestone – $2000 per ounce. In a recent CNBC interview, TD Securities’ Daniel Ghali and Bank of America Merrill Lynch’s Michael Widmer both said $2000 gold could materialize the result of unconventional, aggressive easing on the part of central banks. In a Bloomberg interview, BOAML’s chief technical analyst, Paul Ciana, outdoes them both by forecasting the yellow metal could “go as high as $2300 per ounce” in the years to come based on technical wave structure analysis that had its beginnings in the 1970s.

In the shorter run, however, some analysts, like ABN Ambro’s Georgette Boele, believe that we will see gold correct from these levels. Boele’s call for a correction is taken seriously in some quarters because she was early in forecasting gold’s strong performance this year.  With a formidable list of uncertainties hanging over financial markets these days, any downside, should it materialize, is likely to be tempered by those who see it as a buying opportunity.

Quote of the Day
“One of the most important warnings offered by firefighters is simple: get out early. In the face of wildfires, some homeowners get the idea of staying in their homes and riding it out. As one firefighter warned ‘The point is to go.’ But if you don’t, it’s better to stay than to panic and run in the midst of a firestorm of smoke and embers. It’s not the fire that gets you. It’s the heat. Even before the flames reach the house, it can be fatal to stand outside trying to protect what you have (h/t John Galvin). Similarly, our ‘Exit Rule for Bubbles’ is straightforward: You only get out if you panic before everyone else does. You have to decide whether to look like an idiot before the crash, or look like an idiot after it.”John Hussman, Hussman Funds

Chart of the Day

Click to enlarge

 


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