Gold Miners are finally on the winning side
Most investors had expected gold to break out in 2020 already.
Last year proved to be a dream for gold speculators and investors after the Gold Price soared to historic highs thanks to a perfect storm out of a global pandemic, massive government stimulus programs, a weakening dollar, and a bull market that eventually ran out of steam. The rapid rally was the sharpest surge the metal has seen in more than a decade. Unfortunately, the rally has run out of steam recently and the price of gold has fallen sharply from its all-time high of $ 2,075 an ounce. This is a huge disappointment for the gold bulls as some Wall Street hedge funds have been extremely bullish on gold, with some targeting prices as high as $ 3,000 and even $ 5,000 an ounce. Summer is usually a quiet time for the markets, especially gold. But some Wall Street gamers like OANDA senior market analyst Edward Moya say it could be different this time around. "You are likely to see more volatility this summer than most people expect. It will give you a better idea of the next round of stimulus measures from the Biden administration and also some clarity on taxes. The other wild card is relations between China and the US. And it seems like things are brewing right now, and that could spark a massive safe haven movement, "Moya told Kitco News. Moya says this volatility could be great news as the precious metal prepares for a run towards $ 1,900.