At The Street: Rising Gold Bullion Sales a Bullish Sign, Says Fortress Strategist
Gold bullion sales soared in September and that’s a bullish sign for the yellow metal, said Ed Moy, Chief Strategist at Fortress Gold Group and the former Head of the U.S. Mint. Moy added that Indian gold sales also skyrocketed last month and that the precious metal has seen a floor at $1200 per ounce which is the break-even cost for miners. He said geopolitical risk will also help gold move higher and that it is cheap compared to the U.S. stock market which is still trading near record highs despite the recent selloff. Finally, Moy said he prefers gold to other industrial metals like silver and platinum because it is more recognizable and liquid.
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