Today 25 year veteran Caesar Bryan surprised King World News when he talked about gold advancing $700 to $1,200 in a matter of months. Bryan stated, “Just looking at gold relative to the supply of money, gold may advance to $2,500 to $3,000 in the first few months of next year.” Bryan, from Gabelli & Company, also discussed the nature of the current gold advance, silver, and what to expect going forward.
Here is what Caesar had to say: “Since we’ve had the news of further easing in the US and Europe, gold has moved up in a sort of ‘step’ fashion. It’s quiet for a few days, and then another move higher takes place. Now we seem to be set for another ‘step’ move higher.”
Caesar Bryan continues:
“What that says is that there is very strong underlying demand for gold because the gold price hasn’t weakened in the face of these upward moves over the last month or so. When you look at a chart you could claim that it’s somewhat overbought because we’ve had the move from the $1,600 area to the high $1,700s without much of a pause.
But the long-term opportunity is very much on the long side of the market. Gold is going to go higher….