Gold is probably going to go up in the near term and could set an all-time high. Real interest rates are going to decline. The Fed in all likelihood will start cutting interest rates in September and continue for some time as there is no sign of inflation and economic growth is weakening. Add to that the ongoing currency wars and the devaluation of fiat by all major central banks and geopolitical turmoil in the Middle East, N. Korea, the South China Sea, Venezuela, etc. and you have the potential for some real fireworks in the gold market.
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