Gold is Doing Incredibly Well – and It’s Just Getting Started

Gold’s had an amazing year, and thanks to the Fed, it’s only going to get better…

This story was originally published here.

In late May I told you that “the gold price is likely to take a small breather to close out May but I expect increased volatility in June/July that could lead to a serious run at $1,800.”

“The mirage of central bank-induced financial stability will not end well. There will be more cracks in the already compromised foundation of the financial structure. Cracks that the Fed believes can be cured with magic money from the digital printing press.”

From $1,740 on June 1, 2020, to the pullback to $1,683 less than a week later to over the $1,816 level today, that played out perfectly.

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I saw a few comments reminding me that June tends to be seasonally weak. I also saw a few comments reminding me that, in the past four years, May marked the top until the seasonally strong September-December months.

If you play this new gold bull market the way you’ve played the past four years you will do well but be regretful about the money left on the table.

It’s going to be increasingly important to drown out the noise and focus. Is gold going to $5,000? $10,000? Higher? No one really knows.

I’ll give you my opinion. I believe we'll see $3,000 to $5,000 gold over the next four years. If I’m wrong and all gold does is stay at these levels it won’t matter, we’re going to do great.

What I do know is that the world’s sugar daddy, Fed chief Jerome Powell, will do everything in his power to provide liquidity.

In his words, he’s not even thinking about thinking about raising rates. The truth is he can’t…

Editor's Note: Click here to keep reading.

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Godspeed,

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Jimmy Mengel

Investment Director, The Crow’s Nest

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