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The View From The Montana Log-Cabin As Markets Head For Tipping Point: Fireworks Ahead For Gold

By Nigel Somerville | Sunday 4 August 2024


Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Gold closed the week at $2,443, nicely up on last week’s $2,386 and back above $2,400. But the real story this week was the intra-day peak at $2.477 on Thursday in the wake of the Fed’s signal that rate-cuts are on the way in September before equity markets went into a bit of a tail-spin fearing that Jerome Powell was again missing the boat. The result was that Gold and Gold stocks were affected by liquidity needs of equity investors, hence the late decline on Friday. Are we now heading for an equity market decline as recession looms?
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