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Jim Steele At Accredited FX Is Bullish On Gold
Gold was up Tuesday extending gains from the previous session after sub-par jobs data suggested that it is more than likely that another stimulus package is on the way.
"The Fed knows exactly the same as we do already, which is that the economy is in trouble in a big way and in these sorts of situations gold always triumphs. We can be comfortable in looking for a big increase over the coming months." says Jim Steele at Accredited FX in San Jose, Costa Rica.
Mr Steele has many fundamentals behind his decision to stick with gold. Here are a few of his reasons:
* Spot gold gained 0.2 percent to $1,643.69 per ounce at 0025 GMT
* It gained almost 1 percent to $1,648.5 per ounce previously
* Most Street firms already expect the employment market and the struggle of the economic recovery to empower the Fed to undertake more in the way of stimulus packages.
Jim Steele goes on to say - "We all know full well what will happen already. The Fed will announce another round of quantitative easing, to help with current financial woes, which it will not. It will however lead to an increase in the price of spot gold."
We still have to wait to see what happens in the coming China trade data that is due to follow in the week to come. This will show the growth in the second largest economy in the world and give valuable information to gold investors, worldwide.
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