In an interview with the communications division of precious metals giant Kitco on Oct. 7, Frank Holmes, CEO of U.S. Global Investors, stated that he was “gambling on gold” for bullishness by the end of the year.
He told the network that it’s a love season. It’s the season of two marriage seasons in India, it’s the period of Diwali’s lights, then there is Christmas, and it rises for Chinese New Year.
It’s a good time for gold consumption, and it’s most highly associated with GDP per capita growth.
Gold, like Bitcoin, saw highs in August before a fall, which came in line with restored
strength in the U.S. dollar currency index (DXY). The result of November’s U.S. election can affect USD standing considerably, but Holmes thinks gold will shake off the product.
He added that some are betting on blue, some betting on red, and that he is betting on gold.
As it was previously reported, gold bug Peter Schiff has also designed a less-than-optimistic viewpoint for the dollar, discussing that a Biden win would be the worst-case scenario.
Holmes verified that he desired a $4,000 price target for XAU/USD.
Brandt focuses on weekly, daily Bitcoin prices
Bitcoin has seen an opposite association with DXY, which has clawed back its losses beginning this summer. Sideways trading has simulated the lack of gold development, with $11,000 enduring out of reach so far in October.
News that payments giant Square had supported MicroStrategy in buying a large amount of BTC buoyed markets on Thursday, with BTC/USD nevertheless facing opposition at $10,940 — the site of former rejection late last month.