Although gold prices have come under pressured the past few weeks, Monty Guild, founder of L.A.-based Guild Investment Management says he remains bullish, and is still calling for the metal to climb up to $1,900 an ounce within a two to four year time frame. Gold and silver markets ended slightly higher Monday. Market participants are looking for new fundamental information to drive the markets. December Comex gold was last up $1.50 an ounce at $1,257.00. December Comex silver was last up $0.044 at $17.48 an ounce. Spot gold, which has shed about 7% over the past three weeks, is expected to stabilize after many speculators ditched long positions. ‘Technically, gold is at the end of its corrective phase, it could have one more wave down, maybe by a few bucks,’ Guild said. He is forecasting the Federal Reserve to hike interest rates by 25 basis points in December and then says, gold should hit $1,400 an ounce. Guild sees inflationary trends developing outside the U.S. and tensions in the Middle East as bullish factors for the yellow metal.
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This Expert Sticks With $1,900 Gold Call, $25 Silver | Kitco News | |
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