The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Investing

David Morgan: Is This a Gold Price Breakout or Fake Out?

by December 5, 2023
December 5, 2023
David Morgan: Is This a Gold Price Breakout or Fake Out?

Gold reached a new all-time high on Monday (December 4), but will its momentum continue?

Speaking just ahead of the yellow metal’s major milestone, David Morgan, publisher of the Morgan Report, weighed in on whether he thinks this will be a real breakout or just another fake out.

‘We set a line, and gold has to achieve above that price, and it has to maintain it for three days in a row. And it also needs to be on above-average volumes. And if that occurs then we are about 80 percent assured that it is a breakout and not a fake out. We’ll see — I lean toward unfortunately I think it’s going to come down again, but I could be wrong,’ he said.

Morgan is concerned about the economy heading into 2024, saying a US recession has already arrived.

‘I hate to say it, but this could be a depression in 2024 … the trend is not a soft landing or a recovery. The trend continues to be a contraction in the economy across the board, China included,’ he said.

Elaborating on what that could look like, Morgan said he thinks the US Federal Reserve will lower rates.

‘That I think could be a worse scenario than having high interest rates, believe it or not … I would say if we push down hard on the economy and flush out all this malinvestment and take the pain, then we could come out and rebuild on a good foundation,’ said. ‘I don’t think the Fed is willing to do that, and it’s hard on everybody. But if you go the other way and ease up and kiss the boo-boo and make it better, then the currency basically goes in the toilet and you can’t trust it.’

Looking back at gold, Morgan said that while its short-term future is less clear, he does see 2024 as the beginning of the next major leg up in the precious metals market. That could boost silver to over US$30 per ounce and perhaps further.

Watch the interview above for more from Morgan on gold, silver and the overall market.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
US senators to be briefed on Ukraine this week amid heated negotiations on emergency aid
next post
UK home secretary to sign new asylum treaty in Rwanda

You may also like

Bitcoin Well Announces At-The-Market Equity Program

Source Rock Royalties Confirms Monthly Dividend Record Date...

Crypto Market Recap: Bitcoin Hashrate Soars as Price...

Excellent Metallurgical Results at Hotinvaara Enhance Entire Pulju...

The Office: Somehow We Manage Mobile Game Available...

Coniagas Exploration Plan: Defining New Drill Targets and...

Critical Elements Lithium increases its confidence in Rose...

Gold Price Forecast: Top Trends That Will Affect...

Lancaster Resources Receives Drill Permit Approval for Alkali...

TECPETROL REMINDS SHAREHOLDERS OF ALPHA LITHIUM CORPORATION TO...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • ‘A fear campaign.’ Students around the world are shocked, scared and saddened...

    • North Korea deploys mystery balloon-like objects to stricken warship, satellite photos show

    • NVIDIA Rallies After Strong Q1, AI Demand Outshines China Export Hit

    • US senators meet with Zelensky in Kyiv as doubt cast over upcoming Ukraine-Russia peace talks

    • Israel’s plan to ‘conquer’ Gaza is leaving Palestinians with little place to go: 5 maps show how

    Categories

    • Business (1,673)
    • Investing (4,999)
    • Politics (7,837)
    • World (6,349)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top