The gold price spent the first part of election week trading close to $1,900 per ounce but spiked to around the $1,950 level mid-week. Speaking to the Investing News Network, Frank Holmes, CEO and CIO at U.S. Global Investors, said the price move from the yellow metal didn’t surprise him. In fact, he expects gold to rise much higher, largely due to global money printing.
“It’s not just America, but the G20 countries are really implementing and practicing in many different ways this MMT — Modern Monetary Theory — of giving out money, sending out money … this is unprecedented,” Holmes explained.
He continued, “This is a brand new world and we’re seeing it all over. So I think that gold will have a secular bull market … and I think today this is a sign of that.”
When asked if gold could break $2,000 again before the end of 2020, Holmes […]
November 7, 2020 (updated November 7, 2020) Published by StockMan