Gold Silver Reports (GSR) – As August doldrums are rolling in, the gold market might surprise investors on the upside, according to Eric Sprott, billionaire precious metals investor and founder of Sprott Inc.
Gold might have finally found its price bottom after seeing three weeks of consecutive losses, said Sprott during Sprott Money’s Weekly Wrap-Up on Friday.
“We had our ‘wash, rinse and repeat’ and now we are ready for the up cycle,” stated Sprott.
August Comex gold hit a low of $1,217 on Friday and then continued to trade near its 12-month lows following the advance reading of second-quarter GDP that showed the U.S. economy growing 4.1%, which was slightly less than the 4.2% projected by market consensus.
“I think we might have hit a bottom sometime when gold got down to around $1,210 inter-day on Friday,” – Anna Golubova
