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Gold Dips, Consolidating Ahead of Powell Remarks

CommoditiesMar 17, 2021 01:45PM ET

NLP1 commented on this article:

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NLP1 Mar 17, 2021 6:14PM ET
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With the current yields rising and the FEDs stance on denying any meaningful inflation is occurring, it’s interesting that we’re seeing a surge in prices of bullion here. How do you think Basel III will impact gold value as we move towards the end of June implementation, Mr. Barani?
Barani Krishnan
Barani Krishnan Mar 17, 2021 6:14PM ET
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Hello, it’s interesting you bring up Basel III as it dawns on me that gold prices are up nearly 25% from the lows of April 2019 when the world started paying earnest attention to that. That said, it’s really hard to make a call now on gold, on whether we’ll continue climbing to at least 1,785. That will be the hard resistance to cross before getting back to 1,800. I don’t trade but I’m a fan of gold (TSF below calls me a perma-bear ha ha .. what a joke). But I’m also a realist. I’m not going to be a cheerleader for gold and close my eyes to the manipulation around it that brought it down to $1,600 territory from $2,000+. We should reach 1,785 at least and not dip back below $1,700 at all costs. That’s when I’ll say gold has some shot of making a meaningful stride forward. For now, it’s just adjustments we’re seeing post-Fed. You’re right: The absence of any meaningful attack on yields by Powell and the 10-year’s retreat after that, followed by the rise in gold doesn’t make much sense.
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