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Gold price at 'steep discount' vs. crude oil: $2,000 gold will be breached
Gold is re-starting its bull rally, with the precious metal currently trading at a "steep discount" to crude oil, according to Bloomberg Intelligence. The $2,000 gold price target is currently a resistance level, but it will be breached due to the U.S. employment situation, said Bloomberg Intelligence senior commodity strategist Mike McGlone. "Gold above $2,000, silver [at] $30 may not wait for June unemployment. Weaker-than-consensus April and May U.S. unemployment reports support our key takeaway that gold and silver are ripe to resume their bull markets," McGlone said in a note. "Things may never be the same due ... (full story)