Just Two “Reasons” Why Gold Is Breaking Out
by Tyler Durden
ZeroHedge.com
03/03/2016
Aside from the legitimate, but largely irrelevant for the sake of this post, reasons including this morning surprisingly weak service data, in which both the ISM and the Markit PMI reports confirmed that the “malaise in manufacturing has spread to services”, JPM’s recommendation to sell stocks and buy gold, and the fact that slowly but surely the world is being flooded by negative rates, here are the two most actionable reasons why gold just broke out and soared to $1,260, and is fast approaching levels not seek since January 2015.
First, here is Goldman’s Jeff Currie telling CNBC’s viewers just two weeks ago to short gold: “we maintain our view of rising U.S. rates and hence lower gold prices with a 3-month target of $1,100 (per troy ounce) and 12-month target of $1000 (per troy ounce)” not to mention Goldman’s October 14 summary that gold is a “slam dunk sell.”
The Rest…HERE
