Stock Exodus May Lead To Gold Rush: Wyckoff

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Jim Wyckoff tells Kitco News what the charts are telling him about the recent movements in gold prices and the stock markets on this edition of “Technical Speaking.” Wyckoff says he will be closely watching the ECB meeting on Thursday, but more importantly, the jobs data expected to come out on Friday. “The recent downbeat U.S. data does make Friday’s jobs report much more important,” he says. “If we get a weak report, it could really give a boost to the gold market.” With regards to the stock market, Wyckoff says there has been an exodus of investor funds from the U.S. stock market and that has helped boost the yellow metal, which has seen a higher trend since the beginning of the year. “[Although] we haven’t seen a big rush into gold…it is a positive sign for gold market bulls to see these stock indexes start to show some serious technical weakness,” he adds. Watch now to get Wyckoff’s market rating for both gold and silver. Kitco News, February 4, 2014.

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