I am a terrible trader so take my thoughts for what they are worth.....
Gold looks primed to reach and eventually exceed the old record of $1911/oz. I don't think it's just going to soar up and thru the old record without any trauma. We are going to approach the old record and probably pull back at least once before exceeding the old record.
Short term, I expect some rally in the stock market as states start to reopen the economy. The market will ignore the long term implications and just rally on the hope that everything will be ok. This will cause fits and starts in gold. But longer term, reality will suck as people are still hesitant to go out to restaurants, movies or football games until there is an effective vaccine. So I expect the reality of a long, drawn out recovery will eventually sink in and gold will continue soaring due to the unlimited money printing that has been promised.
My longer term worry is the many promises of an effective vaccine. The CV-19 corona virus is a variant of the more common flu bug. After 30-40-50 years of trying, they still only promise us 40-60% effectiveness against the flu and some years they whiff because the bug has mutuated. So now we're going to have an effective vaccine developed from scratch in 18 months that will shield us old foggies and be able to be administered to billions of people in that timeframe????
It's the same kind of promise that the FED makes when it says it will do whatever it takes to fix things.......Except they don't fix anything. They just steal money from savers by lowering interest rates to zero and steal money from future generations by printing money so that future dollars will be worthless so existing debt instruments can be paid off with worthless dollars. Remember who owns the FED. Not us. It's the banks that own the FED. So that's who they are going to protect.
Oh, what did you ask? Sorry I must be off my meds. Yes, I agree that gold will likely pull back. I'm not sure it's going to happen that quick.
Please post stock symbols first in all your posts. If it's a foreign stock, please list the US pk equivalent symbol.
If the Commodities Boom is Over, I am just a Gold Bug headed for the Windshield of LIFE
AI
