If you don’t already have some gold, now may be a good time to consider adding some to your hard assets. The precious metal could hit $1600 soon all because of the political turmoil gripping the United States.
Gold prices made another solid advance on Tuesday as traders were responding to president Donald Trump’s comments to the United Nations. In New York on Tuesday afternoon, in which Trump said that “the future does not belong to globalists, the future belongs to patriots.”
Gold then rose above $1,540 an ounce after erasing all daily losses from earlier in the session. December Comex gold futures were last at $1,535.40, up 0.25% on the day. Gold benefited from nothing more than mere spoken words from the U.S. president.
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“Harsh language from President Trump toward China and Iran prompted a sell-off in the U.S. stock market, the U.S. dollar index and crude oil. That, in turn, prompted some buying interest in safe-haven gold,” Kitco’s senior technical analyst said in his gold update. This metal is still a great buy.
While it’s rise may slow because of the stress in politics, that will also help gold to steadily increase, even if it experiences a short-term pause. It is far more likely that gold goes over $1600 because of politics than going down. TD Securities’ head of global strategy, Bart Melek agrees.
“While we think the gold market pauses for a while, the gold rally should continue to take prices into the $1,600s. Weakness in Europe and China will likely force Fed Chair Powell to deliver a substantial policy easing,” Melek said.
Look for another interest rate cut before the year is over, and for the rates to approach zero in 2020. This will devalue any savings people have managed to scrimp together making gold the obvious choice. Gold will still buy today what it would buy 100 years ago. The same cannot be said about the dollar, or any other fiat currency for that matter.
Increases in geopolitical tensions will only help propel gold upwards in the coming months. Impeachment news, trade war escalations, and comments on globalism will be good for gold. It doesn’t look like much will be bad for gold, at least in the next year.
Look for silver increase as well. Silver prices could get to around $20 riding the waves of politics. Don’t get left behind. Increase your personal wealth and grab some gold or silver. Not only will you have real money and hard assets, but you’ll be buying insurance against your rapidly devaluing dollars.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.