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Gold prices sharply up as U.S.-China trade war escalates; U.S. dollar backs off; traders unnerved

By: Decomposed in POPE 5 | Recommend this post (0)
Fri, 23 Aug 19 7:12 PM | 25 view(s)
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Gold topped $1,530 a few minutes ago, but is now pulling back. See the chart below. The surge bodes well for $1,600 in the near future, but in the mid-term, I think gold is heading to $3,000. Why? Simply because of what's happened to the dollar.

August 23, 2019

Gold prices sharply up as U.S.-China trade war escalates; U.S. dollar backs off; traders unnerved

by Jim Wyckoff
Kitco.com


(Kitco News) - Gold prices are scoring gains of over $24 an ounce in late-morning trading Friday. It appears the U.S.-China trade war has kicked into a higher gear after China announced new trade tariffs on the U.S., while President Trump retaliated in a series of threatening tweets that included one demand that U.S. businesses stop doing business with China. Trump also asked in a tweet who was the bigger enemy: China's President Xi or the Federal Reserve. All of this has unnerved the marketplace heading into the weekend. And all of this is bullish for safe-haven gold. December gold was last up $23.60 at $1,532.10.

http://www.kitco.com/news/2019-08-23/Gold-prices-sharply-up-as-U-S-China-trade-war-escalates-U-S-dollar-backs-off-traders-unnerved.html




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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months




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