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Daniela Cambone: Earlier this week I had reported on another a billionaire jumping on the gold bandwagon, Paul Tudor Jones. And you know, saying that if gold breaks above 1400, it could push to 1700 and rather quickly. Uh, could that be a possibility here for you?

Phil Streible: It is entirely possible. I mean, look the Fed, it's factored in at a 100% rate probability that they will cut at that next meeting. Now if you look at the last time we had this aggressive hype cycle followed by rate cuts, you know, they had higher levels to go down from. So with the fed only being at two and a quarter right now, if they cut a half, that doesn't give them much fire power, uh, in order to stabilize that economy. So we might see another round of quantitative easing and a whole number of other things. So that really could push gold quite higher.

Daniela Cambone: So is that really it for you, Phil, is it, you know, the follow through from, from yesterday's remarks from Powell and the fact we're heading into the July Fed meeting, which as you say, is pricing at 100% probability of a rate cut. So Is that really what's fueling gold?

Phil Streible: Well, it's definitely helping it. I mean, if you look, it gives you a warning sign. I mean, we saw the 10 year yield dip below 2% that's the first time since 2016. We've got an inverted yield curve right now. These are all warning signs that are flashing out there. We've got increased geopolitical risks, especially with this news out of Iran. So I think that, you know, being involved with some safe haven assets like gold and silver and even looking at other undervalued commodities like crude oil having another massive move today on this. These are the types of asset classes you want to get into with this uncertainty going forward.

(Kitco News) - Gold's rally isn't over yet by any means, as one analyst sees the upward momentum continuing.

Phil Streible, RJO Futures, told Kitco News that prices for the yellow metal may still see much higher levels from here.

"We should continue to see that break through $1,400 and I anticipate that a lot of the short sellers will end up giving up at that level. So, no telling how high we can go from here, it's kind of got that perfect storm going on with increasing geopolitical risks and then also a dovish Fed," Streible said.

Paul Tudor Jones of Tudor Investment has said that once $1,400 an ounce is breached, the next level is $1,700, and Streible said that is definitely possible.

"It is entirely possible. The Fed, it's factored in at 100% that they will cut next meeting. If you look at the last time we had this aggressive hike cycle followed by rate cuts, they had higher levels to go down from, so with the Fed only being at 2 and a quarter right now, if they cut a half, that doesn't give them much firepower in order to stabilize the economy," he said.

Another round of quantitative easing could happen, Streible added, and that could push gold much higher.

Watch the full interview on Kitco News

Watch: How to Trade Oil As Tensions Between the U.S. and Iran Escalate

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.