kingworldnews.com / March 6, 2013
Despite the recent wild trading action in gold, silver, and oil, today top Citi analyst Tom Fitzpatrick issued a bullish call for these three key markets and put together several fantastic charts illustrating the reasons for his bullish call. Fitzpatrick believes that the price of oil is set to surge a stunning 63% to 82%, while gold is set to advance $270, and silver back to its all-time highs.
Here is what top Citi analyst Fitzpatrick told King World News, along with his powerful charts: “What we are looking at is an overlay of the US dollar gold price, and then the gold price in terms of the Chinese yuan. While at the moment the gold price has bottomed out a little higher than the levels we saw in late 2011 and into 2012, gold is bottoming out at almost identical levels when you look at it against the Chinese yuan (see chart below).
When we look back at the past year and a half, we have these two other occasions where we’ve bottomed out at these levels in terms of the Chinese yuan. These bottoms have yielded an average up-move of $270 higher in about three months from when the base was put in.
This would suggest quite a strong rally is coming in gold over the next three to four months….
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