Gold at the highest probability of a 'melt-up' since the 1980s, but don't rule out 10% corrections – Jared DillianKitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity.
At the time of writing, spot gold had fallen from record highs and was trading steady at $2,330 an ounce. Cocoa surged from $2,000 at the end of 2022 to more than $10,000 this year."What if gold does what cocoa did? For cocoa, it was also a technical breakout. Fundamental things were also going on, but it broke out of a 47-year base. The longer the consolidation, the more impulsive the move is, and the longer it will last," he said."Gold broke out of a 13-year consolidation, and it's been going up for a month.
The consequence of this would lead to the Federal Reserve adopting yield curve control and directly monetizing the debt. "If we are in a period of geopolitical turmoil, then gold should vastly outperform Bitcoin. If we look at Bitcoin, it has not functioned as a safe haven in response to the recent Iran-Israel news," he said."I don't consider Bitcoin to be a store of value."
Michelle is an internationally acclaimed broadcast journalist, news anchor, reporter, and producer and has worked for leading global media organizations including i24News, Bloomberg, CNN Money, CGTN and SABC. Prior to joining CGTN, Michelle was an anchor and reporter for Bloomberg TV for five years, covering both American and Asian markets. She was also a reporter with CNN Money based at the NASDAQ. Before joining Bloomberg TV and moving to New York, Makori was one of the main anchors and producers for SABC Africa Television, based in Johannesburg, South Africa, and broadcasting throughout the African Continent.
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