While some people might be fooled by Janet Yellen’s statements that the Fed could raise rates before the end of the year, Gerald Celente isn’t one of them.
Celente, the world’s leading trend forecaster, has stuck true to his forecast for gold. Here’s what he thinks will happen in the weeks and months ahead:
Trend Forecast: While eight years of massive global central-bank quantitative easing and low-interest rate/cheap-money schemes have boosted equity markets, dismal Gross Domestic Product, wage and productivity data prove central-bank policies have failed to generate true economic growth. Thus we maintain our forecast for equity market volatility and a strong bull market for gold when prices stabilize above $1,400 per ounce.
So, to sum up, gold’s “magic price” is currently at $1,400. Once it closes above that price, it will resume its steady march upward.
Gold is currently hovering in the mid-$1300s, so it wouldn’t take much to push gold past this critical resistance line.