We’ve been of the opinion that a good signal that the gold market is ready to turn would be a rise in short-term interest rates, or the Effective Fed Funds Rate (aka “EFFR”). We first published an article to this effect in August, 2014, and have subsequently held that the gold market would likely not turn until we saw rates rise. We remained true to this sentiment. The Fed raised rates on December 16, 2015, and on December 17th we published this article, in which we said that it is time to buy gold, and that at worst bulls probably had to wait another 6-8 months. Gold was near a multi-year low, and the next day was a big down day that convinced investors that we would see the yellow metal trade <$1,000/oz. We never denied this possibility, but knew that a rising short-term interest rate would result in a
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