GLOBAL MARKET EXPERT SEES GOLD PRICE HITTING $2,000 SOON
A bull run on gold will be happening soon, according to Gerald Celente, American business consultant and publisher of the Trends Journal.
“The next breakout point had to be $1,450. I believe when it breaks beyond that, it’s going to spike for the $2,000 mark,” Celente said in an interview with Kitco News. He cites loose monetary by central banks as the chief influence on this impending rally.
“The whole world, every central bankster, you name the place, whether it’s Australia going into record low interest rates, the European Central Bank talking about now going into -0.5% rates, we just heard from the governor of the Bank of Japan saying more stimulus and more bond buying, so if you see what’s happening, they’re all lowering interest rates around the world to keep pumping more monetary Methadone, to keep that fake, addicted bull running” Celente explained.
Many other experts believe similar, and feel that the two biggest drivers of the gold market between now and the New Year will be geopolitics and monetary policy.
The bulls in the gold market are expecting good news from the Federal Reserve this week, when the Federal Reserve’s Open Market Committee (FOMC) meets to discuss monetary policy. An interest rate cut is expected as a result of the meeting, with a 0.25% drop predicted. A 0.5% rate cut is possible but less likely, and would further boost the gold market.
Gold has risen 14% so far in 2019, driven by the U.S.-China trade discussions and the promise of continued rate cuts and quantitative easing by central banks around the world. The mix of geopolitical tension and inflation we are currently seeing in the world economy makes gold a strong investment, with a compelling case for further gains. Gold prices tend to do well when other assets fall, and the precious metal performs best when the public loses faith in Federal Reserve policies.
BITCOIN PRICE CORRECTION CONTINUES, SUPPORT NEAR $8.5K
The crypto market’s correction phase continues following a period of parabolic growth in digital currencies across the board. Bitcoin price dropped to near $7k but quickly rebounded as it saw support above that level.
Crypto company Circle announced they are moving the majority of operations offshore for their crypto exchange Poloniex. The change comes in the face of mounting regulatory pressure in the United States. The company received a business license in Bermuda.
Iran’s Economic Commission approved a measure that will legalize cryptocurrency mining as an industrial activity. It is an indicator of further legitimization of digital currencies in the eyes of the global economy.