U.S. Money Reserve President: Gold Consolidation ‘Cause for Optimism’

Philip Diehl, President of the U.S. Money Reserve, discusses why gold can continue its rally. Looking at central banks around the world, particularly the People’s Bank of China, he says there is uncertainty about how much gold is actually going into their reserves. However, gold is still clearly being bought in huge quantities. He also looks at projections for gold prices, with some banks estimating $3,700. “I think the consolidation” in price right now “is a cause for optimism.”

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