Gold Surges to $930; “Rocket Shot” to $1000?
“Expectations of further Fed cuts continue to support the precious metal, and traders feel bullion can break the $950 mark in coming weeks. Some even suggest that gold may jump as high as $1000 an ounce in a couple of months.”
“…. anything can happen from here, including a rocket shot to $1000 over the next few weeks, which I consider to be a very good probability. We already have lift off. Get ready for the rocket shot.”
– James Turk, Freemarket Gold & Money Report
Gold is just crushing on expectations of a 50 point rate cut and the consequent weakness in the dollar.
This amounts to a 43% move since the Fed first cut rates on Thursday August 16th (Gold Charts).
I’m not sure about the timing but $1000 gold seems all but certain at this point – especially once the European Central Bank starts cutting rates.
Disclosure: Top Gun is long of gold in the form of the Gold ETF (GLD).