'Buy the dip, and hold on for dear life' - Frank Holmes on gold's wild ride
While gold investors are feeling pain, the trend for gold is still good, according to Frank Holmes, CEO and Chief Investment Officer of U.S. Global Investors.In a recent report for U.S. Global Investors, Holmes noted the inverse relationship between gold and the U.S. dollar.
Since the precious metal is priced internationally in the greenback, gold and the dollar share an inverse relationship, wrote Holmes in the report, so when the dollar is strong, it may be time to accumulate gold. Gold is nearing its strongest buy signal in four months as the U.S. dollar eases off a rally that’s carried the greenback to its highest level since early January.
With the recent labor report out of the U.S. coming in stronger than expected, Holmes said that there may be more short-term pain for the yellow metal. "So I tell investors, buy the dip, and hold on for dear life," said Holmes."As a Bitcoiner, I would say, 'deal with the volatility’ because the supply of gold is not substantial."Follow michaelmccrae mmccrae@kitco.com www.kitco.com
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