Gold Is Close To “Point Of Maximum Pain” – Bloomberg Intelligence

Share it with your friends Like

Thanks! Share it with your friends!

Close

Gold has a good foundation for a rally past its current trading range, this according to Mike McGlone, senior analyst at Bloomberg Intelligence.

“In the last 52 weeks, the range for gold is the narrowest in 13 years. It needs something to really shift to not go higher,” McGlone told Kitco News.

McGlone noted that the strong U.S. dollar has been one reason why gold hasn’t broken out of its range yet. “What’s really happening to the dollar this week is that it’s kind of been following yields, but yields are pretty high at 3%.”

He added that 3% is a “pretty good level for yields to peak,” and a subsequent peaking in the dollar remains bullish for gold.

_________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.

Subscribe to our channel to stay up to date on the latest insights moving the metals markets.

For more breaking news, visit http://www.kitco.com/

Follow us on social media:
Facebook – https://www.facebook.com/KitcoNews/?ref=br_rs
Twitter – https://twitter.com/kitconewsnow
Google+: https://plus.google.com/u/0/116266490328854474588
StockTwits – https://stocktwits.com/kitconews

Live gold price and charts: http://www.kitco.com/gold-price-today-usa/
Live silver price and charts: http://www.kitco.com/silver-price-today-usa/

Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subscription/newsletter.html

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/

Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.

Comments

breakawaymotorsports says:

Smart guy. Good interview.

Firenaut says:

For heavens sake, stop looking so bloody cute 😁

Todd Murphy says:

Excellent points for a serious breakout up for Gold and Silver. Good interview Daniela

Norm Kid says:

A simultaneous bond and stock crash is EXTREMELY bullish for gold. Throw in the threat of inflation and we have a perfect storm. I sense a bitcoin-like bubble in gold on the way. If anybody disagrees, please tell me why.

Comments are disabled for this post.