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Wednesday metal news: the precious metals rally has slowed down this week. You can read below how far gold and silver have fallen. We also found a contrarian commentary that advises you to ‘stay the hell away from gold.” Oh wait, Jim Cramer is also advising to not invest in gold at this point—we have his reasonings for you below also.

Let’s dig in…

Price
Gold & Silver Slow Down, Precious Metals Rally Loses Momentum
Investors took a step back to assess the speed of rising prices on precious metals this week. Here’s a rundown of what happened: Spot gold fell more than 1% overnight to $1920/oz., while silver tumbled 4.5% to 23.62/oz, as the FOMC gathers today for a meeting that could offer some direction for traders. “This is the highest high and in every time zone the traders have been trying to push it higher and higher,” said Brian Lan, managing director of Singapore-based dealer GoldSilver Central. “You see the strength wasn’t there. They were trying to try a few more times and a correction is due. So probably you might see some profit-taking already.”
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Economy
The 2020 Economic Crash & Precious Metal Inflation Trade
Clem Chambers, CEO of private investors website ADVFN.com and author of 101 Ways to Pick Stock Market Winners has won Journalist of the Year in Business Market Commentary in the State Street UK Institutional Press Awards in 2018, and in this Forbes article, Chambers talks about why his days of wide diversification with his portfolio are numbered. When a crisis occurs, you have to adapt:
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Commentary
Stay the Hell Away from Gold
Physical gold, and the exchange-traded funds and mutual funds that track it, are likely to keep on ascending for a while. As Mohamed El-Erian, chief economic adviser at Allianz, explained the phenomenon in a tweet last Friday, “The surge in gold continues this morning as more investors see it as one of the least unattractive risk mitigator—adding exposure to both tactical and strategic portfolios.” During economic downturns, political turmoil and inflation, gold tends to thrive. Today, we sure have those first two malign forces battering us.

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Price
Famous Hedge Fund Makes Blowout Forecast on Gold
Optimism over the U.S. economy and promising vaccine news began to fade on Tuesday, as investors turned their attention to the upcoming two-day Federal Reserve meeting. Gold was the top performer on Monday, climbing to $1931 an ounce, the highest settlement in history. This made many investors excited as the expectation for gold to reach $2,000 an ounce ramped up…however, Goldman Sachs has ditched its own $2,000 forecast and took things up a notch, predicting gold will reach $2300 an ounce sometime in the next year. GS also raised it’s forecast on silver—up now to $30 an ounce. Driven by “a potential shift in the U.S. Fed toward an inflationary bias against a backdrop of rising geopolitical tensions, elevated U.S. domestic political and social uncertainty, and a growing second wave of COVID-19 related infections,” gold’s surge…

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Commentary
The Goldbugs are Missing This One Key Factor While Gold Keeps Soaring
Golden Balls was the nickname of English soccer star David Beckham—and also was a lame British game show in 2007…Gold is everywhere these days, more investors have gold on their mind than maybe ever before—and some are even forecasting some pretty wild price numbers: one bank predicting up to $5,000 per ounce. Yes, there are spooky parallels between today and the 1930s. Uncertainty abounds.

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Commentary
Jim Cramer Says Gold Prices are Nearing a Peak
While gold continues climbing to new heights, CNBC’s Jim Cramer is being a contrarian to most of the other investor talking heads by advising against trading the yellow metal—Cramer thinks gold is peaking now. If you are an investor wanting to make a long-term play on the space, he advises buying Barrick Gold. “When a gold boom goes bust, it gets really ugly. Once the meltdown starts…”

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Thanks,
Gold Silver Central

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Gold Silver Central
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