Confidence in gold as a safe-haven asset has returned after the Federal Reserve left U.S. interest rates unchanged, said Frank Holmes, CEO of U.S. Global Investors. Speaking to Kitco News, Holmes said the metal’s appeal is back, despite gold prices seeing a corrective pullback in U.S. trading Monday. Gold prices were seeing a downside technical correction from Friday’s solid gains with December Comex gold last down $6.30 at $1,131.50 an ounce. Holmes noted that China’s economic slowdown, rising emerging-market currency volatility and the Fed highlighting ‘heightened uncertainties,’ may persuade more investors to seek refuge in gold. ‘This could be a bullish signal for gold, at least in the short-term, particularly as investors in China have been acquiring gold in anticipation of a rally,’ he said. Holmes added, ‘If Chinese investors fleeing from stocks decide that the historic value in gold is tempting, that could mean the next boom could come in gold. The metal has historically been a safe-haven in countries that suffer from bouts of inflation as well as political upheaval.’ Kitco News, September 21, 2015.
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1 Comment
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