Gold Ekes Out Weekly Gain
San Francisco (Oct 14) Gold for October delivery lost $1.90, or 0.15%, today, but is up $4.20 per troy ounce, or 0.34%, to $1253.10 this week.
At least one gold bull thinks that there are better day ahead. Goldman Sachs alum Raoul Pal, who was lauded for his prediction of the financial crisis, thinks that negative interest rates and global instability will push the metal higher:
“As we get to negative interest rates, gold is a good place to park your cash,” said Pal, who discussed his outlook with MarketWatch in a September interview and a follow-up conversation over email.
“I’m not a gold bug,” the former GLG Global Macro Fund co-manager — who is also watching the dollar closely — “but this is the currency I would choose now….All the really serious thinkers are interested in gold,” he said.