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Gold price rally will power to $2,700, then $7,400 as ‘perfect storm’ brews – Chris Vermeulen
While geopolitical tensions may provide a short-lived rally in safe-haven assets like gold, there is no denying that the metal is still in a long-term technical bull cycle that mirrors the beginning of 2008, said Chris Vermeulen, chief market strategist of TheTechnicalTraders.com.
Vermeulen told David Lin, anchor for Kitco News that gold is set to hi $2,700 an ounce in one year, and up to $7,400 in five years.
“I think we’re coming into a pretty major supercycle in precious metals. I think we started back in 2019 and this is about a five-year cycle for gold, and it has been a very tough year for equities, we’ve had a very long bull market, I think things are getting a little long in the teeth in terms of the equities side,” he said. “When the stock markets get to the late stages, this is where we see commodities come to life.” Read More
Source: Kitco News
Disclaimer: This article and video are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
