Don’t Be Fooled by Equity Rally Says This Veteran Trader

from Kitco NEWS

lass=”” >Money is flocking out of the gold market and into U.S. equities with both the S&P 500 and the Dow Jones Industrial Average hitting record highs. However, one veteran trader warns investors should not be fooled by the stock rally. “I could see $1,300 come into play but certainly as a trader, I’m starting to buy gold here,” Todd “Bubba” Horowitz, chief market strategist for, told Kitco News Tuesday. Gold futures have been under pressure this week with August Comex gold settling the day down $21.30 an ounce at $1,335.30. “I think investors should be taking their money out of the equities market here and tucking it away in a safe haven like gold and silver,” he said. “As we continue to see volatility fall and markets rally on really lousy information, you’re going to start to see money pull out and a market meltdown.”

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