Florian Grummes: The Set Up For an End of Summer Gold Stock Rally Could Not Be Better
Florian has been interested in the gold and silver markets for several years. Six years ago he began writing for a large European bullion dealer, publishing in-depth technical analysis. He looks at mining stocks, fundamentals, and cryptocurrencies.
We are building a good base for a spectacular second half of this year; people are in a state of panic and sentiment is at the bottom. Seasonally this is the most bearish time of the year. No clear turn-around signals yet, he would not be surprised to see gold rebound from these levels. He cautions that the US dollar is ripe for a rebound, but that is the only thing that is potentially negative, everything else looks increasingly bullish.
Gold could easily move between $1165 and $1265; it’s in a huge triangle going back six years. Once it breaks $1265 that will be a very bullish sign for a multi-month rally which will likely take us to $1500 by next spring. He thinks most of the pieces are in place for a strong second half of the year.
He thinks US Gold (NASDAQ: USAU) is a very interesting company; they have an outstanding geologist, the management and location are good, they have an excellent plan in place for the next two years.
He discusses the cryptocurrency market, how we are moving more and more into a digital society, it’s obvious that we need digital money. There is a lot of innovation in the space. He points out that both cryptos like gold and silver are outside of the banking system.
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