In an interview with the media division of precious metals giant Kitco on Oct. 7, Frank Holmes, CEO of U.S. Global Investors, said that he was “betting on gold” for bullishness by the end of the year.
“It’s love season. It’s the seasonality of two wedding seasons in India, it’s the season of lights of Diwali, then we have Christmas, and it peaks for Chinese New Year,” he told the network.
“It’s an auspicious time for the consumption of gold, and it’s most highly correlated with GDP per capita growth.”
Gold, like Bitcoin, saw highs in August before a fall which came in line with renewed strength in the U.S. dollar currency index (DXY). The outcome of November’s U.S. election has the potential to influence USD standing considerably, but Holmes believes gold will shake off