Gold is a strategic buy under $2,000 - WidsomTree's Nitesh Shah WidsomTree NiteshShah gold
- The gold market is holding support at $2,000 an ounce as volatile market expectations once again shift toward the Federal Reserve raising interest rates at least one more time next month.
Although tensions in the global credit market have eased since the collapse of two major regional banks in the U.S. and Credit Suisse, one of the largest banks in Europe, Shah said that the biggest banking crisis since the 2008 Great Financial Crisis is far from over. "Sub-$2000, it definitely is worth putting some gold in your portfolio while you wait for some of these risks to materialize," he said."Gold below $2,000 looks cheaper as financial market risks increase."
"History seems to indicate that the Fed basically hikes all the way into a crisis. It goes too far on the way up and then has to cut," he said."Now, there is a sharpened focus on the fragility of the financial system."
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