Poll of the Day Recap: 73% Believe Gold Is Heading to $1,500

Takeaway: 73% believe Gold is headed to $1500; 27% see downside towards $1100.

How high can gold go? If we’re right and the inflation-accelerating-slows U.S. growth setup is similar to 2011, gold can go a lot higher.

 

“Reality is that very few of the world’s savants made Gold one of their top Global Macro LONG positions in 2014,” Hedgeye CEO Keith McCullough wrote in today’s Morning Newsletter. “It’s still nowhere in the area code of consensus. And yesterday it broke out above @Hedgeye immediate-term TRADE resistance of $1285/oz.”

 

In the video below Keith discusses the key catalysts for continued momentum in Gold and what the breakout line will be important for further upside.

 

 

In the poll we asked: Whats the next stop for gold? $1100 or $1500

 

At the time of this post, 73% believe Gold is headed to $1500; 27% see downside towards $1100.

 

Those who see Gold heading higher to $1500 had this to say:

  • Since all the Fast Money guys are still bearish and skeptical about gold. I'm betting higher.
  • No matter what anyone says there is a price to pay for money printing & ZIRP rate policy & it can't be avoided by any power known to man.  It's really just about that simple.  Currency pricing power destruction is absolutely the worst thing a central banker can ever do and the FED/other central bankers have done a huge amount of it.  As the world moves away from dollars which it has & is, lots of this evidence exists, the world has huge excesses of dollars plus what the FED has printed out of thin air, the petro-dollars time is ending over the next few years & this will change the reserve currency status over time which will lower the dollar spending power even further, this can't be stopped now as leadership of the U.S. has made their bed.
  • The shorts have had their day in the sun. They've beaten gold into the dirt and with wars all over the world they try it again! China isn't selling back the hundreds of thousands of tons shipped their way in the last year. It's no time to be short even if you're in cahoots with the Fed.
  • $1500 is just a stop on the way to higher prices. Of all the experts nobody called the price of gold correctly lately.
  • Its building a great base so if this current run clears $1350 then we proceed to $1500 - next major resistance level.
  • See https://www.evernote.com/shard/s214/sh/8e7d57d5-9e4e-4633-88e3-7bf615a67f27/ce6bcd2e95295ba48c045a5a05c0213f

 

 

Those who believe Gold is moving lower to $1100 reasoned:

  • Long-term TAIL prediction: The 2016 election cycle could be very hawkish (i.e. negative for both the Fed and Gold) if Brat's victory over Cantor is anything resembling a canary in the coal mine.
  • I simply don’t get gold investors .. demand is down and will go down more .. why invest in something that is in less demand.


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