Gold (GC=F) has hit new heights amid the rising potential for an interest rate cut from the Federal Reserve. Gold has often done well during times of uncertainty, with ongoing conflicts in the Middle East and the questions swirling around the US presidential election.
Blue Line Futures President Bill Baruch joins Market Domination to discuss the rise of gold and how much higher it can go.
“Gold has averaged a 6% return within the first 30 days of a Fed cut. So I think we’re starting to see maybe some of that pulled forward a bit. But listen, with Trump’s probabilities of taking the White House improving, and becoming the favorite, some of the policy we could see is trying to weaken the dollar,” says Baruch, adding “If that’s the case, gold is priced in US dollars… and that would increase the price. So I think that’s… maybe a tailwind for Bitcoin. But I think it’s also a tailwind for gold right now.”
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This post was written by Nicholas Jacobino
