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.
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Nugt looks weak AF with dollar bouncing higher off the 50 day
Fedspeak for we raised so we could again cut and well inevitably have to cut and the recovery is a recovery not a boom or not an expansion and that recovery is solely supported by easy-out-of-control charlatan gimmick monetary policy
Good thing you sold SONO.
SP will start it’s journey to 2650 over the next coupla weeks. Months of boring grind after…
Gold will kiss $1300 and off to a long term upwards journey.
Better to buy puts on DUST than long Jnug.