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“Gold’s long-term prospect is up, up and up”
This is what Mark Mobius, billionaire hedge fund manager, from Mobius Capital mentioned in an interview with Bloomberg.
He said that his reason for gold to continue its rally is due to the rise in money supply.
“Gold’s long prospect is up, up and up, and the reason why I say that is money supply is up, up and up.”
This was shown in the price when gold hit a six year high on the prospects for the Federal Reserve and other central banks to ease the monetary policy based on the impact with the prolonged trade war between the US-China trade deal…
What you need to know is that when central banks lower interest rates, they end up printing money like crazy.
And when this happens, investors buy, buy and buy because their money is better invested in other assets rather than left in the bank earning abysmal returns.
This brings us to reason two which is linked…
Gold is not phased by the US-China trade deal
Since the US-China trade war came into effect, this has been one of the main drivers of the gold’s price rally.
Well, gold has always thrived on any political or economic uncertainty.
In fact, the metal pretty much ignores any major geopolitical risk, as investors simply resorts in buying gold as a safe haven. And this drives the price up.
And with President Trump announcing that a phase one trade deal with China is soon to take place, this should tell you one thing…
There is a strong chance that the US-China trade deal is going to continue throughout 2020, which will lead to an even higher gold price.
Key nations are dumping the dollar
Two things to note.
First, gold has been a reserve currency for thousands of years. And second, the US dollar has been the world reserve currency for gold since 1944.
This means, since 1944, the main price of gold has been based on a 3rd party country’s currency this entire time.
This is a restricting factor for many countries, who also wishes to invest in the yellow metal.
This was until the Islamic Summit which concluded in Malaysia.
They announced that countries like Iran, Malaysia, Turkey and Qatar are looking at exploring in trading gold – by ditching the US dollar as the reserve currency.
If the transition is smooth and successful, this will result in a MAJOR upside in demand which could cause the gold’s price to skyrocket to unfathomable levels.
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Russia continues to buy and hold gold
Did you know that Russia mined 185 tons of gold from January up to July 2019? This is an 18% increase compared to the previous year.
This means, Russia is continuing to buy, hold and hoard gold which will result in their reserve to continue to go up and over their current $548 billion worth.
As long as they continue to buy, the gold’s price will continue up.
Gold’s broken its key psychological price
Looking at the daily gold chart, you can see that it has been moving in a sideways range since September 2019.
During that time, it formed what’s known as a rounding bottom (shaded area).
Throughout this formation, the price was bouncing on a strong ceiling level at $1,500. And now, it has broken through this price level which means the buying pressure is back on.
If we take the difference between the high and low of the rounding bottom formation, and add it to the high, we’ll get the first target for the year.
Here is the calculation…
Gold target = (High – Low) + High
= ($1,545 - $1,436) + $1,545
This means, we can expect the gold’s price to head to $1,646, where we can take advantage of.
Analyst, Red Hot Storm Trader
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