After hitting its highest level this year, gold has fallen back on profit taking,
But, best-selling author of Currency Wars Jim Rickards isn’t giving up on the yellow metal just yet.
“The bigger picture, the one I’m looking at, is that gold hit an interim low on Dec. 15 and it has been grinding higher ever since. It’s one of the best-performing assets of 2017,’ Rickards said in an interview. He added that gold could eventually touch $10,000 an ounce.
Gold prices rallied to 11-month highs this week as North Korea launched a missile over Japan. Even if tensions seem to have cooled off, which has pushed the safe-haven metal back down to around $1,312.70 an ounce, Rickards is not quite convinced.
‘People seem to have very short attention spans. I’m just looking down the road and you can see the war is coming,’ he said.
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— The Option Specialist