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Gold Market To See A Major Move In December

Scorpio

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Gold Market To See A Major Move In December — Analyst

Anna Golubova
Wednesday November 29, 2017 21:53
Kitco News
(Kitco News) - Before the year is up, the gold market might see some excitement after all, according to one metals expert, who says a “breakout” is coming as the Federal Reserve gets ready for its December meeting.

Gold prices have been stuck in a narrow trading range since mid-October, with low volatility suppressing the markets.

But, that is about to change, partner at Vertical Research Michael Dudas told CNBC on Tuesday.

“It’s been eerily quiet in the gold and silver markets over the past few months. A breakout could happen as we approach this Fed meeting,” he said. “With this low volatility, an event can spark a move either way. We think [gold] is going higher.”

Dudas is bullish on gold in 2018 — forecasting for prices to surge to $1,400 in about twelve months from now, which is a significant rise from the current level of $1,284.

The U.S. dollar will help the yellow metal next year, with Dudas estimating the greenback’s downtrend to continue.

Inflation will also be key for the precious metal. “Inflation expectations have been muted and the Fed is hoping and praying that they can get those expectations higher. That will turn around in 2018, leading to higher inflation expectations and remaining low real interest rates, which is typically supportive of gold and silver historically,” he said.

When it comes to the U.S. tax reform, gold might see a move lower in the short-term, but additional investment, demand, and capital spending could trigger an increase in wages in the long-term. “So, actually, it could be a backdoor positive,” Dudas explained.

By Anna Golubova
For Kitco News

agolubova@kitco.com

www.kitco.com

http://www.kitco.com/news/2017-11-29/Gold-Market-To-See-A-Major-Move-In-December-Analyst.html
 

the_shootist

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I just read another article posted here telling me gold will be pulling back in 2018 and will be at around $1200oz this time next year. I'm beginning to think these people may not know what they're writing about but maybe I'm being too skeptical :alien3:
 

TRYNEIN

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Merlin

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Bought my first gold American eagle in January 2004 when gold was $438 an ounce. 7.94% per year growth in the value of my speculation since then. Not bad, huh? I'm not living for big moves in the gold market. Father Time works his magic.

But, yes, it does seem like some expert is always making predictions.
 

the_shootist

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I'd like to say that I've made money on metals but in truth they were simply preserving a portion of my wealth and part of a retirement portfolio....right up until I lost it all as a result of that tragic boating accident!
 

Son of Gloin

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I'd like to say that I've made money on metals but in truth they were simply preserving a portion of my wealth and part of a retirement portfolio....right up until I lost it all as a result of that tragic boating accident!
You stockpile all those guns and piles of ammo to protect yourself and your metals. Then, you take them on a silly boat ride. If you ever get more, don't go out on the lake.
 

the_shootist

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You stockpile all those guns and piles of ammo to protect yourself and your metals. Then, you take them on a silly boat ride. If you ever get more, don't go out on the lake.
Oh, I didn't tell you what happened last weekend when I took those guns out to the middle of the lake to clean them in a peaceful, tranquil environment. I wish now that I didn't take them all. Sad......
 

Son of Gloin

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Oh, I didn't tell you what happened last weekend when I took those guns out to the middle of the lake to clean them in a peaceful, tranquil environment. I wish now that I didn't take them all. Sad......
Yeah, I know. I always clean my guns out on the lake, too. Might shoot a fish or two, if they swim by.