Comments on gold’s selloff, August trading ranges, and the US markets
Cory
August 10, 2021
Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show joins us to share his thoughts on the selloff in gold and the trading ranges for US markets. While we continue to be in summer trading there are some trends that are continuing.
Bullion banks can manipulate gold price, they needed to cover thier shorts.
If we are in bull mkt in gold it wouldn’t be down for a year now and that’s with all this easy money etc and people that invest in gold miners are tired of hearing all these gold analyst calling for $3 or $5K gold and Everytime gold gets a couple months of uptrend it gives it all back instead of making stair stepping moves but just gives it all back. Yes maybe gold will get to $3 or 5K but it will be years, all analyst said over last few years we would see that gold price and here we are hearing oh it will hit $3K by 2024,25, they just keep pushing it out further and further.
People now will just stick to stock mkt and not fight fed. Yes but small 5 percent of portfolio in metals but your not going to get your dream of 10X in minera, they are high risk.
Go back last five years and listen to all these analyst predictions, gold did finally make it’s move from 1200 to 2000 last August, now it’s over for long time too much technical damage done.