Gold Shoots Higher, Can "Easily" Breakthrough $1,300 - Strategist

KITCO NEWS -- Spot gold jumped more than 1 percent on Tuesday, pushing above its five-month high to trade at $1,272.75 per ounce. "I think we can see a green shootout all the way to $1,350, and we can easily breakthrough $1,300 now," explained Phil Streible, chief market strategist for Chicago-based RJO Futures. "It's wonderful we broke through that high from the other day, we just need a good strong finish to the day...We should see good ETF inflows back again," he said in an interview with Kitco News. While past safe-haven bids for gold tend to have been short-lived, Streible said this time around, it "feels different." "It is much more complicated than just a few missiles being fired," said Streible. The Dow was down 100 points on Tuesday as investors sought safe-haven assets as political and security tensions rose over North Korea, the Middle East and the looming French election.

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