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Edelson: Here’s Why Gold Is Going To $5,000 Per Ounce
From Larry Edelson: Last week I told you about gold’s long-term prospects: $5,000 at least.
And if you’ve been following my shorter-term forecasts for gold, then you know that they’ve been spot on. I’ve been calling for an extended short-term cycle low — which we got on December 15 at $1,124.30 in the February 2017 futures contract — and then a rally.
That rally is now underway, and this past Friday gold hit as high as $1,207.20.
Here was my previous AI Neural Net forecast for gold, then I’ll show you an update:
You can see the rally through January 12 on this chart. You can also see how the rally should stair-step higher in mid-April before a mild pullback sets in.
How high can gold go by then? Not a whole lot higher. Maybe $1,350 to $1,400.
Now, here’s my latest AI chart for gold: The shape is changing a bit, as it should be, but the overall forecast remains the same: A rally in April before pulling back. Note that this chart is a tad behind the action, since my live forecasts and AI charts are reserved for members of my paying services.
So what’s causing the rally? In gold, and other precious metals? Pick your flavor …
I won’t cover them in detail here, again, that’s for members. But look around the world …
Still nasty politics in the U.S.
The rising tide of my war cycles, which I have warned you about repeatedly, even telling you they were due for another accelerated rise right now. And look, we have …
Trump/Putin still wrangling.
4,000 American troops just sent to Poland, the biggest buildup in Eastern Europe since the Cold War.
Syria, Aleppo, Mosul and more.
High tensions between the U.S. and China over the “One-China policy” and Taiwan. And the South China Sea.
The horrendous humanitarian/refugee crisis in Europe, where men, women and children are dying.
Is it any surprise there are plenty of fundamentals building to drive precious metals higher? Have they bottomed? It’s too soon to say but I like the action.
The SPDR Gold Trust ETF (NYSE:GLD) fell $0.25 (-0.22%) in premarket trading Wednesday. Year-to-date, GLD has gained 5.69%, versus a 1.22% rise in the benchmark S&P 500 index during the same period.
GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #2 of 29 ETFs in the Precious Metals ETFs category.
This article is brought to you courtesy of Money And Markets.
You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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