The Fed is out of control and the gold price will be above $2,000 by year end

Gold last traded at $1,933 an ounce. Silver at $26.74 an ounce.

NEWS SUMMARY: Precious metal prices steadied Thursday on bargain-hunting despite a firmer dollar. U.S. stocks paused near lofty highs as investors digested better-than-expected unemployment data.

Day/Kitco---"Gold and silver prices are going to go higher and end the year above $2,000 an ounce and investors shouldn't worry or quibble over some short-term profit taking and consolidation, according to one fund manager. In an interview with Kitco News, Adrian Day, CEO of Adrian Day Asset Management, said that he remains bullish on gold as the U.S. dollar enters a new long-term down trend because of extremely loose Federal Reserve monetary policy. Day added that it will be impossible for the U.S. central bank to unwind the trillions of dollars it has pumped into financial markets to support the economy that has been devastated by the COVID-19 pandemic. 'Remember the end of 2018, seems so quaint right now, the Fed started to raise rates,' he said. 'They started to increase rates and the stock market had a hissy fit and they immediately reversed. There's that expression when you're a hammer, everything looks like a nail. And that's the way it is with the Fed.' Not only will the Fed be able to unwind its balance sheet, but Day noted that markets are now addicted to monetary policy stimulus and more will be needed to continue to support equity markets. 'The fed is out of control. Jerome Powell himself has said there are no limits. There are no red lines,' he said."