Non-Event for Gold Price to Move Up/Down 20% in Year – Frank Holmes

from Kitco NEWS

lass=”” >After gold’s recent correction, Frank Holmes, chief executive officer for U.S. Global Investors, says that the yellow metal is coming back toward its mean. “Seventy percent of the time, an asset class can move up or down a specific amount over various time periods,” Holmes said. He added that it is a non-event for gold to go up or down about 20% in a year. Gold ended slightly lower Thursday after the European Central Bank monetary policy meeting concluded with no change in interest rates. The lack of fresh news failed to significantly move the precious metals markets. August Comex gold settled the day down $1.90 at $1,212.60 an ounce. Gold was also not moving much ahead of the much anticipated Friday U.S. jobs report for May — arguably the most important piece of economic data of the month, Holmes said. The key non-farm payrolls number is forecast to come in at up 160,000.

Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: http://www.kitco.com/newsletter

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews