Gold futures have retreated about one-half from their Brexit highs last Friday, but one gold veteran with more than 20 years in the industry claims last week’s move may be the very start of a forthcoming major bull market for the precious metal. Gold futures are down $6.30 per ounce today currently trading at $1,318.40 per ounce at the Commodity Exchange in NYC.
The Aussie mining-boss – Jake Klein – believes investors are returning to the market with the rise of so much uncertainty and volatility because gold provides an “alternative currency.” Late last week gold soared over $100 per ounce after the United Kingdom voted for nationalism (versus “globalism”) and investors seeking a safe haven with financial uncertainty abound.
“I guess to me, the most interesting thing is: are we seeing the first fault lines of a major correction and change in the financial and political systems?,” asked Jake Klein, head of Australia’s second-biggest gold producing venture Evolution Mining Ltd., sharing his fundamental assessment of the gold futures market. Klein added, “If that’s the case, then we could very well be at the early stages of a major bull market.”
The trend for gold futures is up with no top yet in sight. For those that didn’t want to take a chance at last week’s direction for gold futures, I believe we’re seeing a correction in the market possible to even lower levels.
ALL COMMENTARY IS CONSIDERED OPINION & VIEWS FROM THE AUTHOR AND NOT A SOLICITATION OF ANY SECURITIES. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.
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