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Is this time to buy? Gold price down 4% as investors panic

Friday, June 18, 2021

Gold last traded at $1,771 an ounce. Silver at $25.89 an ounce.

NEWS SUMMARY: Precious metal prices rose Friday as savvy investors bought the dip despite a firmer dollar. U.S. stocks extended losses with the Dow on pace to post its worst week since January after the Fed pushed up its rate-hike schedule.

State Street Global Advisors/Kitco--"The Federal Reserve has created some panic selling in the precious metal markets after its economic projections Wednesday showed the potential for two rate hikes in 2023. However, one market strategist said that investors are overreacting to the estimates.

George Milling-Stanley, chief gold strategist at State Street Global Advisors, said investors have nothing to fear from the Federal Reserve and shouldn't pay too much attention to projections that are two years away.

Federal Reserve Chair Jerome Powell also warned markets and investors that the forecasts should be taken with a significant grain of salt during his press conference.

'I'm looking at the gold market right now and I think this could prove to be a good time to buy,' Milling-Stanley said. 'I see a lot of panic selling and I don't think that can last much longer. Basically, the markets saw higher inflation and higher interest rates, but they completely ignored the fact that the hikes are at least two years away. A lot can happen in two years.'

Milling-Stanley added that once this wave of panic selling ends, gold will still be in a good position to push back up above $1,900 an ounce and take a run at the record highs above $2,000 an ounce by the end of the year."

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