Gold's Next Big Move! Hold Your Gold & Silver Until THIS Happens - Mike McGlone

Gold's Next Big Move! Hold Your Gold & Silver Until THIS Happens - Mike McGlone

Gold has captivated attention in 2024 with a strong rally to new highs and forecasts suggesting it could surpass 3,000 dollars, as interest peaking in early August.
Indeed, Finbold's research found that between July 31 and pre-market on August 6, interest in the 'buy gold' search term rocketed 63.93% from 61 to 100 on Google Trends. The figure is also substantially higher than at any other time during the period under review, which covers the 90 days between May 6 and August 6, 2024. The surge in bullion investment interest likely stems from recession fears triggered by the FOMC meeting in late July and the jobs report on August 2.
According to Mike McGlone, US Treasuries and gold are predicted to be top-performing asset classes amid a looming global recession. Despite concerns about deficit spending, US Treasuries yield higher than the top five international counterparts. Gold prices eased on Tuesday on dollar strength and higher bond yields, although expectations of a US rate cut in September and escalating geopolitical tensions in the Middle East kept bullion stable following last session's sharp retreat.
In the context of the current situation, McGlone predicts that gold and US Treasury long bonds will excel as we enter a deflationary period following 2022's peak inflation. He foresees global economic issues and expects US interest rate cuts and a potential rise in unemployment to 6%.
From a technician's perspective, Mike McGlone explains that the market peaked in 2022 due to speculative futures trading and has since shifted towards individual commodities, especially industrial metals. Moving forward, he foresees continued deflationary pressures in commodities and equities, indicating a long-overdue adjustment. Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year, which could make it harder for central banks to cut interest rates quickly, according to the World Bank's latest Commodity Markets Outlook. The report also finds that a major outbreak of conflict in the Middle East could halt the inflationary decline over the past two years.
During the interview, Mike McGlone indicated that current market volatility is a normal correction, with the S&P 500 well above its 200-day moving average. He predicts Bitcoin's decline signals broader adjustments and advises against buying the dip. Consequently, he is optimistic about gold's prospects, noting it could perform well despite short-term setbacks.
Gold has performed remarkably well in 2024, rising by 12% year to date and outpacing most major asset classes. Thus far, gold has benefitted from continued central bank buying, Asian investment flows, resilient consumer demand, and a steady drumbeat of geopolitical uncertainty.
Despite short-term volatility, McGlone expects gold to outperform, especially with rising ETF inflows and long-term demand. He anticipates that as gold, Bitcoin, and the S&P 500 face downward pressure, gold will emerge stronger due to its role as a store of value.

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[robertsattler]

Can't follow the value of treasury bonds: It's just paper! - Ok, green (like green backs) is supposed to be the color of hope; - desperate hope? These days even silver got down more than selected shares - so I sold shares and bought AG!