- WORLD EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
David Morgan: Is This a Gold Price Breakout or Fake Out?
"We set a line, and gold has to achieve above that price, and it has to maintain it for three days in a row. And it also needs to be on above-average volumes," David Morgan of the Morgan Report said.
Gold reached a new all-time high on Monday (December 4), but will its momentum continue?
Speaking just ahead of the yellow metal's major milestone, David Morgan, publisher of the Morgan Report, weighed in on whether he thinks this will be a real breakout or just another fake out.
"We set a line, and gold has to achieve above that price, and it has to maintain it for three days in a row," he said. "And it also needs to be on above-average volumes. And if that occurs then we are about 80 percent assured that it is a breakout and not a fake out. We'll see — I lean toward unfortunately I think it's going to come down again, but I could be wrong."
Morgan is concerned about the economy heading into 2024, saying a US recession has already arrived.
"I hate to say it, but this could be a depression in 2024 ... the trend is not a soft landing or a recovery. The trend continues to be a contraction in the economy across the board, China included," he said.
Elaborating on what that could look like, Morgan said he thinks the US Federal Reserve will lower rates.
"That I think could be a worse scenario than having high interest rates, believe it or not ... I would say if we push down hard on the economy and flush out all this malinvestment and take the pain, then we could come out and rebuild on a good foundation," he said. "I don't think the Fed is willing to do that, and it's hard on everybody. But if you go the other way and ease up and kiss the boo-boo and make it better, then the currency basically goes in the toilet and you can't trust it."
Looking back at gold, Morgan said that while its short-term future is less clear, he does see 2024 as the beginning of the next major leg up in the precious metals market, which could boost silver to over US$30 per ounce and perhaps further.
Watch the interview above for more from Morgan on gold, silver and the overall market.
Don’t forget to follow us @INN_Resource for real-time updates!
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.
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Outlook Reports
Featured Gold Investing Stocks
Browse Companies
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 2340.47 | +9.81 | |
Silver | 27.50 | +0.15 | |
Copper | 4.59 | +0.05 | |
Oil | 83.75 | +0.18 | |
Heating Oil | 2.58 | +0.02 | |
Natural Gas | 1.60 | -0.04 |
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Learn about our editorial policies.