RJO’s Phillip Streible: Support at $1650 & $30 Will Hold for Gold
RJO’s Senior Commodities Analyst Phillip Streible (who last month made silver his #1 commodities pick for 2013, stating that silver would explode to the upside in 2013 on a short covering rally) was back on Bloomberg TV, discussing how China’s hot inflation numbers might impact gold, silver, and copper. Streible doesn’t expect higher than expected inflation numbers out of China to slow their stimulus whatsoever, and believes that copper, silver, gold, platinum, and palladium will all see substantial rallies due to China’s continued growth as well as unending QE.
We’re not seeing silver drop below $30, we’re not seeing gold drop before $1650. I think the support levels are in, I think we’re going to start to build to the upside, and I think that Quantitative Easing is going to be the fuel behind it.