A slew of Fed speeches and economic data on deck this week. Gold seems to be having a tough start, but could it be setting itself up for higher prices? How will the metal perform during this busy data week? Todd ‘Bubba’ Horwitz of bubbatrading.com said that he expects the metal to still have one more leg down, ‘as a trader I am waiting for one more pullback to buy a lot of gold,’ he told Kitco News on Tuesday. ‘I want to take a big position in gold but I want to buy it in the weakness,’ he said, adding that he is confident the gold market is close to ending its bear market. Horwitz added that he is looking for gold to hold $1,225 an ounce and says a new ‘war on cash,’ is helping to support gold prices. Gold prices were ending the U.S. say session slightly down Tuesday, pressured by a stronger U.S. dollar index that was supported by hawkish comments from Federal Reserve Chair Janet Yellen. Meanwhile, silver prices were slightly higher and scored another three-month high.
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week:
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: — Or join the conversation on social media: @KitcoNewsNOW on Twitter: — Kitco News on Facebook: — Kitco News on Google+: — Kitco News on StockTwits:
source
5 Comments
Happy Valentines day Daniela.
What about supply and demand of Silver? Cause of higher Zinc and Copper prices more mines are coming to be open and silver as a byproduct can eventually oversupplied which can push the prices lower or stagnating. What about that?
Uh oh, he's flip flopped to bullish again. What happened to that "ONE MORE DROP" prediction, now it's "the bottom could be in"?
Just got $60 face of AU sparkling quarters at melt price at my coin shop gotta love my coin guy.
I think there will be a rate hike in March, and despite a strong dollar, gold/silver should continue to perform well.