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Adrian Day: US$2,500 Gold? Pullback Would be “Healthy,” Reasons to Buy Remain

by admin December 6, 2024
December 6, 2024

The gold price has seen ups and downs since the US election.

The yellow metal took a hit directly after Donald Trump’s victory, falling to the US$2,550 per ounce level. But then it staged a quick recovery, passing US$2,700. It’s now pulled back again, currently at around US$2,650.

In his view, a fall to US$2,500 wouldn’t be surprising in that scenario.

‘But I would say to anyone — certainly if they’re not invested in gold — don’t wait for that. The key is that the reasons to buy gold have not changed, and we still need gold for a lot of reasons,’ Day said.

‘Gold is not a political metal. Gold to me is the anti-fiat metal, if you want,’ he explained.

‘And obviously a strong dollar — strong against other currencies — is negative for gold. But you can have a strong dollar and still be losing purchasing power. The dollar’s lost 22 percent of its purchasing power in the last four years — that’s by the government’s own numbers. So that in itself tells you … you need it. You need gold,’ Day added.

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

This post appeared first on investingnews.com

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