"My Gold Target is Higher Than $1,700," Vince Lanci Kitco NEWS

(Recorded on January 10th, 2018) Gold is up 6% since the Fed raised rates last month, despite net outflows in gold ETFs. Vince Lanci, founder of Echobay Partners, said that not all investors have been flocking away from gold ETFs.“GLD has dropped about $10 billion over the last three to five weeks, what you’re seeing is small retail get out, and larger funds get in at this time,” Lanci told Kitco News. “The outflows are a function of people that need to sell gold to buy iPhones and pay their expenses.”Lanci maintained a bullish stance on gold going into the New Year. “My target is actually higher than $1,700 [an ounce] but I would be happy with $1,700,” Lanci said, “gold is not determined by financials, by supply….it’s determined by emotion. That means you have to look at how it’s managed by people who don’t want the price higher, and how it’s let loose by people who don’t care that much.”“I think we have another $100 of upside here for this run, over the next three to six months,” Lanci added.

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"My Gold Target is Higher Than $1,700," Vince Lanci
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News & Politics	Upload TimePublished on 11 Jan 2018
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