Wouldn't this be nice (Kitco News) - Gold prices may be struggling the day after the Federal Reserve’s emergency 50-basis-point cut, but according to one market analyst, if history is indication, the yellow metal has plenty of upside.
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| Ryan Giannotto, director of research at GraniteShares |
In a telephone interview with Kitco News, Ryan Giannotto, director of research at GraniteShares, said that the last time the Federal Reserve announced a 50-basis-point inter-meeting cut was back in 2008. After that announcement gold prices embarked on a major bull run, rising more than 17% that year.
“We have seen seven emergency cuts before and gold has rallied on 26% on average during the first two years follow each of those events,” he said. “It would be very unwise to rule out a move to $2,000 by the end of the year.”