David Morgan on the impact of the Syrian conflict on Gold and Oil Prices
August 30, 2013 — Tracy Weslosky, Publisher of InvestorIntel interviews David Morgan of SilverInvestor on the bottom of the gold and silver market and associated road to recovery. They also discuss the Syrian conflict and the impact on the gold and silver market, and on oil & gas demand.
In response to Weslosky’s question on how the Syrian conflict will affect the market, David starts: “Whenever there is uncertainty in the market people run to safety and there are two safety hedges really — one is considered the US dollar…and the other one is gold, and the subset silver…now with Syria, you’re looking at an oil potential problem and Russia is taking sides on one side and the US on the other, so the potential is great that we are going to see higher oil prices — we saw about a $6 move yesterday, so I think we are going to see an up in oil because of uncertainty and I think gold will go along with it.”
In the interview, David explains that he believes the gold and silver market has seen its bottom, and believes that once gold breaks $1550 and $26 for silver that market confidence will build again.