Gold Bear Turns Bullish – Why This Financial Advisor Made the Switch
Once a non-believer in gold, this financial advisor says he is now bullish on the metal and is eying the $1,800 level by year-end. ‘It starts with my acceptance that interest rates will continue to go lower. It has been the main discussion for many years now, that there is a bottom in interest rates and they will start to go up. I don’t see that happening anytime soon. In fact the ECB lowered interest rates mid-2015, and Japan followed this year, so more than 500 Million people now live in an environment where saving money in a bank guarantees a return of less than their money,’ says Craig Ferrantino, president of New-York based advisory firm, Craig James Financial Services. Ferrantino also coined the term the ‘Mr. Robot,’ effect – he says the world of cyber hacking and global uncertainty will only add to gold’s rise. ‘The U.S Elections, Russia and China aggressions, the Iran agreements and the Mr. Robot effect, all make for great uncertainty in the future stability of the world economies and has increased demand for gold,’ he said. Gold prices ended the U.S. day session with modest losses in a two-sided trading session Thursday. December Comex gold settled the day down $1.90 an ounce at $1,350.