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The Federal Reserve's inter-meeting emergency situation 50-basis-point interest rate cut recently was a panic step as well as will continue to support gold rates, claimed Adrian Day, Chief Executive Officer of Adrian Day Property Monitoring.
" You can not deal with an infection with a price cut," Day told Kitco News, on the sideline of PDAC 2020, the world's largest mining meeting. "I believe the Fed has totally boxed themselves into a corner by maintaining prices as well reduced for also lengthy. As well as now it has no effect."
In the existing setting with substantial volatility, Day claimed that all financiers must make gold their base in a profile as an insurance plan. He included that due to central bank relieving as well as much more monetary costs, he sees gold rates trading in between $1,700 and $1,750 by the end of the year.
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There is more upside to gold, look for prices to push above $1,700 – Adrian Day
The Federal Reserve’s inter-meeting emergency 50-basis-point interest rate cut last week was a panic move and will continue to support gold prices, said Adrian Day, CEO of Adrian Day Asset Management.
“You can’t fight a virus with a rate cut,” Day told Kitco News, on the sideline of PDAC 2020, the world’s largest mining conference. “I think the Fed has completely boxed themselves into a corner by keeping rates too low for too long. And now it has no impact.”
In the current environment with massive volatility, Day said that all investors should make gold their base in a portfolio as an insurance policy. He added that because of central bank easing and more fiscal spending, he sees gold prices trading between $1,700 and $1,750 by the end of the year.
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