-- Published: Thursday, 10 July 2014 | Print | Disqus
In the first edition of the new Gold Videocast, Peter delivers his verdict on the gold market for the first half of 2014, analyzes Janet Yellen’s performance so far as Fed Chair, and makes some contrarian forecasts for the rest of the year.
1:00 – Gold’s rise has confounded Wall Street banks that advised their clients to sell in expectation of a big correction.
1:40 – Even though the financial media has focused on the Dow breaking 17,000, gold has actually outperformed the Dow this year.
2:10 – Mainstream forecasters have bought into the narrative of a genuine US economic recovery and the ability of the Fed to effectively withdraw its monetary stimulus. In fact, the economy is not recovering and will relapse into recession, perhaps beginning in the second half of 2014.
3:17 – The price of gold is putting in a bottom, supported by the mining stocks. They led the market down in 2013, and are now leading it up.
4:15 – There is going to be a short squeeze as gold sellers try to buy back their positions when they realize the economy is not recovering.
5:30 – Even though the Fed’s own inflation measure has passed its target of 2%, Janet Yellen continues to claim inflation is under control.
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-- Published: Thursday, 10 July 2014 | E-Mail | Print | Source: GoldSeek.com
