Gold is vacillating between a very tight range — and on the cusp of breaking a 5 year resistance level. Earlier this afternoon, Yellen said the Fed’s next move might be to cut, instead of hike. At a minimum, this is misinformation. But in the event this were to be true, you can rest assured, gold will fantastically break higher and eclipse the highs enjoyed in 2012, some 40% from here.
“Of course it’s possible. If global growth really weakens and that spills over to the United States where financial conditions tighten more and we do see a weakening in the U.S. eonomy, it’s certainly possible that the next move is a cut,” she said. “But both outcomes are possible.
Top picks: NUGT, GRUB, ESTC
UPDATE: I sold GRUB, +4.6% — not holding this shit into earnings.If you enjoy the content at iBankCoin, please follow us on Twitter