It'll Happen OVERNIGHT! Prepare for the BIGGEST Gold & Silver Rally in 50 Years - David Hunter
It'll Happen OVERNIGHT! Prepare for the BIGGEST Gold & Silver Rally in 50 Years - David Hunter
Gold prices fell by about 1% on Wednesday due to a stronger U.S. dollar. Investors await crucial inflation data from the U.S. to gauge the likelihood of a Federal Reserve interest rate cut in September. Spot gold dropped 0.9% to 2,502.38 dollars per ounce, with a peak decline of 1.1% earlier. U.S. gold futures also fell by 0.6%, settling at 2,537.60 dollars.
In contrast, silver extends its gains for the second consecutive day, trading around 29.50 dollars per troy ounce during Friday's Asian hours. This metal benefits from a lower opportunity cost as expectations for a September U.S. Federal Reserve interest rate cut rise.
Looking ahead, David Hunter, a prominent contrarian financial analyst, forecasts a dramatic surge in commodity prices by the end of this decade. He predicts oil could reach $500 per barrel, gold may soar to 20,000 dollars per ounce, silver could hit $500 per ounce, and copper might rise to 20 dollars or more per pound.
Hunter predicts that if the market peaks at 7,000 and drops 80%, it could fall to around 1,400. He expects a rebound that may triple or quadruple due to increased money supply but believes the market will recover only to about 5,000 or 5,500, still below the 7,000 peaks.
This outlook is especially pertinent given current financial indicators. The S&P 500 Index stands at 5,648.40, reflecting a 1.01% increase and nearing the level Hunter identifies as a potential recovery point. Despite recent record highs, stocks have undergone nearly 10% corrections in the U.S. and 5% pullbacks in Canada.
Hunter's forecast is in line with the current market trends. He anticipates that treasuries will perform well next year and predicts the Dollar Index will fall to 80 in the next six to eight months. However, he expects the dollar to rise to 120 or higher during the later stages of the economic downturn.
This outlook aligns with recent market movements. The dollar has recently strengthened to a two-week high as traders await the crucial US jobs report, which will impact the Federal Reserve's decision on rate cuts. Simultaneously, U.S. Treasury yields have reached mid-August highs, supporting the dollar and decreasing the chances of a 50-basis point rate cut by the Fed.
Adding another layer to this analysis, Peter Schiff, CEO of Euro Pacific Capital, suggests that the U.S. dollar's weakening may persist until 2025. He foresees this could lead to a significant economic crash and a subsequent sharp rise in interest rates. Schiff's perspective complements Hunter's forecast and provides a broader context to the current financial indicators and predictions, reflecting the intricate dynamics between currency strength, economic policies, and market expectations.
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