The "explosive, potential energy" of a huge "head-and-shoulders bottom" base is signalling a $1,000 move higher in gold prices, Jeffrey Gundlach,the founder of DoubleLine Capital, said last week at a New York event, reports Reuters. "Gold is maintaining an upward pattern above its rising 200-day moving average, which is extremely good," he said, referring to patterns that analysts see as bullish. "I'm not predicting it I'm letting the market prove itself."
The "Bond King" also argued that US Treasuries were "not attractive" despite rising yields, as various economic indicators suggest that US inflation is set to rise, which would hurt prices of government bonds (thus driving yields higher).
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