Mike McGloon from Bloomberg: the gold rally is over.
Gold has risen 161% since the beginning of 2022, setting record after record. The peak was $5151 per ounce on March 3. The driver is geopolitical instability triggered by Russia's invasion of Ukraine. But Bloomberg's chief commodity strategist Mike McGloon says this cycle is over.
According to him, "the golden pillars are collapsing." The U.S. has achieved a series of geopolitical victories: Assad's departure in Syria, Maduro's fall in Venezuela. If a strike on Iran leads to regime change or weakens Tehran, the last bastion of instability will disappear. And that means the main driver of gold will also vanish.
McGloon predicts that current prices for gold, silver, and oil could represent multi-year peaks.
Meanwhile, the Israeli stock market closed at a record high on Monday – investors believe in the imminent victory of the alliance.
$BTC
Gold has risen 161% since the beginning of 2022, setting record after record. The peak was $5151 per ounce on March 3. The driver is geopolitical instability triggered by Russia's invasion of Ukraine. But Bloomberg's chief commodity strategist Mike McGloon says this cycle is over.
According to him, "the golden pillars are collapsing." The U.S. has achieved a series of geopolitical victories: Assad's departure in Syria, Maduro's fall in Venezuela. If a strike on Iran leads to regime change or weakens Tehran, the last bastion of instability will disappear. And that means the main driver of gold will also vanish.
McGloon predicts that current prices for gold, silver, and oil could represent multi-year peaks.
Meanwhile, the Israeli stock market closed at a record high on Monday – investors believe in the imminent victory of the alliance.
$BTC