The Fed is the Key To Gold's Value as Safe Haven: Expert
The message of pending caution ahead could not be any louder in U.S. Market. Only the fringe minority is calling for collapse, however signs of head winds exist in the stock market, labor markets, Federal Reserve policy and consumer spending. During a recent interview with CNBC, Ambrosino Brothers' Senior Vice President Todd Colvin said as much:
"I think gold is a big buy here with all you don't know about what the Fed's doing, what you don't know about what's going on in the Middle East and as a buy-and-hold instrument, I think it still has a lot of value," he told CNBC's "Power Lunch."
Colvin made his remarks on a day in which the Dow Jones industrial average underwent two triple-digit moves. The blue-chip index opened Monday's session by dropping more than 100 points, only to rally and trade more than 150 points in positive territory. Click here to see where U.S. stocks are trading now.
Gold, on the other hand, has been much less volatile, he added. The precious metal settled at $1,218.60 an ounce, its highest settle since Feb.13.