METALS MARKET UPDATE – WHAT YOU NEED TO KNOW

Release Date:  Saturday, August 24, 2019
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METALS MARKET UPDATE – WHAT YOU NEED TO KNOW
  • Investor demand keeps gold prices above $1500 per ounce after China announces new tariffs against U.S. goods.
  • Civil unrest in Hong Kong may further fuel the metals markets as investors seek safe haven assets such as gold and silver.
  • Technical trends favor both gold and silver markets.
  • Gold ended the week at $1,527.60. Silver closed at $17.50.

("Gold prices move up as China retaliates on trade; Powell speech awaited," Kitco, Gold prices move up as China retaliates on trade; Powell speech awaited," 8/23/19.)

METALS NEWS – A STRONG GOLD BULL MARKET AND NEW RECORD HIGH FORECASTS

A number of analysts and financial institutions continue to see a bright future for the gold market.

  • The Lombari Letter reviewed the growing number of banks that are forecasting significantly higher gold prices including TD Securities ($2,000 gold), Bank of America ($2,000 gold) and Goldman Sachs ($1600+ gold). "Mind you, these are not the only big banks saying the price of gold could go much higher. The list of big banks that are bullish on gold is getting bigger on an almost-daily basis." https://www.lombardiletter.com/even-big-banks-drum-2000-gold-prices-now/32237/
  • Technical analysis from AG Thorson leads him to conclude a new gold market is starting with the potential of going as high as $8,000 per ounce. "Will gold reach $8000 during the next decade? Frankly, I have no idea. However, I do see the potential for the above ingredients. Whatever the case, I think a new gold bull market is just getting started, and investors should consider some allocation." https://finance.yahoo.com/news/gold-price-forecast-next-decade-193706145.html
ECONOMIC NEWS – FEARS OF RECESSION GROW; EQUITY MARKETS SUFFER; TRADE WAR ESCALATES

There is a growing chorus of economists who are warning that a recession is imminent, causing the equity markets to fall.

  • A number of business economists believe the U.S. economy will fall into a recession within the next two years. "Thirty-four percent of economists surveyed, in a report published on Monday, said they believe a slowing economy will tip into recession in 2021. That's up from 25 percent in a survey taken in February." https://www.foxbusiness.com/economy/recession-coming-what-economists-think