Big money is betting on a bull run for gold, and Dutch ABN Amro sees it hitting $1,300 by year-end, and $1,400 in 2018 amid rising global uncertainty
The gold hoarding started in April, with JP Morgan (NYSE:JPM) boosting its portfolio by over 380,000 ounces.
iShares Gold Trust (NYSEARCA:IAU) and SPDR Gold Trust (NYSEARCA:GLD) also jumped on this bullish bandwagon, with IAU adding over 26,000 ounces and GLD over a million.
Everyone is scared as North Korea plays games with nuclear weapons, the Middle East flares up with direct U.S. involvement, and talk of recession intensifies.
Where there is fear, there is gold fever.
Warren Buffet knows it—and he’s always advised us to be greedy when others are fearful. He’s been warning everyone about the economic uncertainty for months.
Legendary Canadian billionaire and mining financier Frank Giustra knows it, too. He’s been pouncing on gold lately, and he’s the heavy hitter backing Fiore.