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By Tom Winnifrith | Tuesday 11 July 2017
We are building a good base for a spectacular second half of this year; people are in a state of panic and sentiment is at the bottom. So says gold guru Florian Grummes.
Seasonally this is the most bearish time of the year. There are no clear turn-around signals yet but Grummes says that he would not be surprised to see gold rebound from these levels. He cautions that the US dollar is ripe for a rebound, but that is the only thing that is potentially negative, everything else looks increasingly bullish.
In the latest podcast from Palisade capital , Grummes says gold could easily move between $1165 and $1265; it’s in a huge triangle going back six years. Once it breaks $1265 that will be a very bullish sign for a multi-month rally which will likely take us to $1500 by next spring. He thinks most of the pieces are in place for a strong second half of the year.
In the podcast, Grummes also discusses the cryptocurrency market, how we are moving more and more into a digital society, it’s obvious that we need digital money. There is a lot of innovation in the space. He points out that both cryptos like gold and silver are outside of the banking system.
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