Ing: “Gold is up about 6% since year end, despite all of the mainstream media anti-gold propaganda. This rally in gold has taken place among the much feared taper. This is really just the consequences of the three rounds of quantitative easing and the orgy of money printing and liquidity that’s been created by the world’s central banks….
“The emerging market turmoil has accelerated and increased as tapering has come into effect. We saw Argentina devalue their peso, which automatically caused a rush into gold. Gold has soared in peso terms and it’s a reminder that all of this means the onset of even more risk.
The classic shelter during this turmoil has historically always been gold. The last time we spoke I suggested a major bottom had been made at $1,180. Gold then moved up into resistance in the $1,270 area, and now we are just backing and filling. But I think the next target after $1,270 is $1,325, and then there is a big gap to $1,600. So despite the pullback in gold, people need to fasten their seat belts.”
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