Gold (GC=F) has reached new highs amid rising potential for a Federal Reserve rate cut. Gold has often done well in times of uncertainty, with ongoing conflict in the Middle East and questions swirling around the US presidential election.
Bill Baruch, Chairman of Blue Line Futures, joins Market Domination to discuss gold's rise and how much higher the price can go.
“Gold has averaged a 6% return in the first 30 days of a Fed rate cut. So I think we might see some of that come forward a little bit. But listen, with Trump’s chances of winning the White House and becoming the favorite, some of the policies we might see are trying to weaken the dollar,” Baruch said, adding: “If that’s the case, gold would be priced in U.S. dollars… and that would push up the price. So I think that’s… maybe a tailwind for Bitcoin. But I think it’s also a tailwind for gold right now.”
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This post was written by Nicholas Jacobino
