A top analyst at the investment firm Fundstrat says that precious metals are primed to skyrocket to new all-time high (ATH) prices.
In a new interview with Fox Business, Mark Newton, Fundstrat’s head of technical strategy, says that gold and silver should “make a beeline” toward new record prices by October, as he anticipates the Fed announcing a series of rate cuts.
“I like [gold and silver] a lot. I think both of them are actually bottoming today and should actually make a beeline towards the highs between now and October.
So, seasonally, it’s a great time. Today’s move did make little minor breakouts in this short-term trend. Real rates continue to roll over. We know the Fed’s got about four cuts between now and next summer. I love the metals.
For those that are considering diversification, maybe they’re too top-heavy in software, look at the precious metals. Gold, silver [is] not necessarily precious metals, but still very important. And I like them both.”
Earlier this week, Fed Chair Jerome Powell hinted that rate cuts were coming in September, a move that financial services titan CME Group predicts is overwhelmingly likely to happen.
As stated by Powell at a recent economic symposium,
“Our policy rate is now 100 basis points closer to neutral than it was a year ago, and the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance. Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
Gold is trading for $3,417 per ounce, while silver is valued at $39.39 per ounce.
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