“The pullback now is over, and we’re headed like a magnet right towards it — I think we’ll go right through it,” Tucker told INN.
EB Tucker’s call for gold to hit US$1,500 per ounce in 2019 may have looked unlikely when he first made it at the end of last year, but with gold up about 10 percent year-to-date it’s starting to seem much more reasonable.
“The call looked a little crazy the first time we talked. Now it looks not so crazy. So we are intact, I think we’ll hit US$1,500 (this year),” he said on the sidelines of the Sprott Natural Resource Symposium.
The exact timing isn’t important, said Tucker, who is a director at Metalla Royalty & Streaming (TSXV:MTA,OTCQX:MTAFF) as well as the mind behind two publications at Casey Research.
What is important is to be in the market now, before gold’s big move comes.
“Everybody here is extremely cautious, they’re negative, (there have been) years of nothing happening, and that’s what you see right before the miracle happens. They say, ‘Don’t quit before the miracle happens’ — it’s happening right now,” he explained.
“You’ve got to be in this market. Gold’s going to hit US$1,500 and silver’s going to hit US$20 (per ounce), and there’s not going to be a break before that happens. Investors need to really think about that — you’re not going to get a chance between now and US$1,500.”
Speaking about the origins of his call for US$1,500 gold, Tucker pointed to comments made by the US Federal Reserve.
“The Federal Reserve made some statements that they were going to take seriously the notion of making the money supply softer. And historically … they never do a little bit of loosening. They start loosening and they tend to loosen for awhile, so to me that meant, ‘Here it comes,'” he said.
Watch the video above for more from Tucker on gold and silver, as well as his thoughts on investing in royalty and streaming companies. Our full playlist for the Sprott event can be found on YouTube.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.