A former business associate of George Soros – who just accurately predicted the Q3 GDP number – now has a prediction for the price of gold in the short to medium-term future. Victor Sperandeo, who manages over $3 billion, has 45 years in the money management business, and has worked with business icons such as Leon Cooperman and George Soros, gave his prediction in a recent interview with Eric King.
Here’s the bullish “barbarous relic” report from King World News:
“The GDP number came in at 2.9 percent, and after an initial dip, gold is acting terrific. If you look at gold and silver, they should be trading down and yet they are trading higher. This is very strong action in the gold market technically and this setup is very bullish. Gold is now set up to trade above $1,400 and then above $2,000.
“And if you look at interests rates, they are rising all over the world and the stock market has topped. And in Europe, people are switching from the Swedish krona to the Norwegian krone. this action int he currency markets is a further indication that the EU is in trouble. Norway is not part of the EU, even though they have trade pacts with them. The reality, Eric, is that people are fleeing the EU into countries not affiliated with the EU. This is another point where gold wins because if the EU collapses, then the world goes into a depression.”
I’ve heard that it’s wise to listen to people with gray hair and no hair. Given the amount of time Victor Sprandeo has been in the business, he’s accumulated a lot of wisdom on the topic of investing and money management. I’ll give more weight to what he has to say, versus the media talking heads and Wall Street salespeople.
How soon do you think the price of gold will hit $1,400, and then $2,000 per ounce?
Tell us what you think in the comments section below.