LOS ANGELES, Oct. 4, 2019 /PRNewswire/ — Orkan Ozkan, CEO of American Bullion, repeated a projection made back in June that gold could hit $2,000 per ounce next year. He recalled the 2008 economic crisis and noted that by the end of 2011 gold and silver prices had surged 120% and 420% respectively and that the DJIA lost 33.8% of its value in 2008 alone. However, in light of today’s continuing global and domestic economic deterioration, he modified the projection to say that, “Gold prices could rise to $2,000 per ounce next year, but if recession picks up speed, then it could occur before the end of this year and a $2,000 ounce is by no means a ceiling.” Ozkan drew attention to the fact that, “We’ve already had two .25% interest rate reductions since that June press release, meant to invigorate the economy and market, but instead it’s barely maintaining a pulse. What will we do when inflation picks up? The Fed has left very little in the quiver and the President can’t wait to empty it completely!”
In the same June press release, Ozkan noted economic conditions similar to those just prior to the 2008 economic crisis. Since the June press release:
- DJIA is DOWN almost 6%
- Gold is UP nearly 7%
- Silver is UP nearly 15%
But moving forward, Ozkan noted even greater concerns:
- The Eurozone and six individual countries have resorted to zero or negative interest rates
- September ISM report confirmed a number of manufacturing index levels at multi-year lows and some at their lowest level in a decade.
- After losing nearly 1200 points between Monday’s close and today’s volatile opening the DJIA closed with a gain of more than a hundred and twenty points, on market expectations for another interest rate cut announcement later today.
All of the factors supporting a negative economic sea change have gained strength and once again, when it happens, precious metals will be in a position to benefit tremendously, as could investors who choose to utilize precious metal ownership to protect and safely grow their assets, portfolios, and legacies. Today’s prices, still well off previous highs, are just another bonus to buy now. To owning gold at home or adding into your IRA, or an old 401(k), call the experts at American Bullion, at (800) 653-GOLD (4653), or email email@example.com before it’s too late!
SOURCE American Bullion