Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
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Gold Could Have More Buyers At $1,400 Than At $1,300
Scotiabank-"Gold's most recent move to $1,400 an ounce could attract more buyers than the metal's previous key $1,300 level, Scotiabank said in the latest update. The yellow metal rallied to six-year highs last week following a dovish Federal Reserve announcement, which kept rates unchanged but opened a door for future rate cuts. 'Overall, there is a growing 'FOMO risk', where Gold could attract more buyers at $1400, than $1300, reaffirming the belief of some well-known investors that if $1400 breaks, $1700 will happen 'very quickly',' Scotiabank commodity strategist Nicky Shiels said in a note on Thursday. Gold has been 'quietly' outperforming most G-10 currencies since the trade war began, noted Shiels, describing the latest rally as 'standalone gold breakout' that excludes the metal's usual direct correlation with the U.S. dollar."
