Kitco News’ senior analyst Jim Wyckoff is making precious gold price claims. Jim Wyckoff expects further declines for gold and silver in the near future. Let’s examine Jim Wyckoff’s claims together…
Short and long term claims for gold price from Jim Wyckoff
As we previously reported , following a stronger-than-expected jobs report, gold rose along with equities as the economy added 850,000 nonfarm jobs, higher than the 700,000 originally expected. However, digging deeper into the employment report, Jim Wyckoff noted that a number of indicators, such as the unemployment rate and the labor force rate for participation, did not show a strong smoothing.
According to the analyst, this has signaled to the markets that the US Federal Reserve is not ready to take a hawkish step in the near future. Jim Wyckoff said long-term gold investors should pay less attention to the Fed’s economic reactions. Jim Wyckoff expects further declines for the price of gold and silver in the near future. However, the analyst seems to be bullish on the market in the long term. Jim Wyckoff adds the following to his explanations on the subject:
I really don’t think FED action makes much difference in the short run and I’ll tell you why. Commodities are highly cyclical and I think you’re in a cyclically longer-term uptrend. Crude commodity sector… This week, we saw crude oil prices reach their highest level in two and a half years. We saw copper not far below its 10-year high, so I think we’re seeing a cyclical rise.
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