welcome back to our weekly update I'm Charlotte McLeod with the investing News Network and I'm here to give you a quick look at our top stories for the week [Music] the gold price remains near historic Highs but it did see downward pressure this week dropping below the 1980 per ounce Mark Midway through the period debt ceiling discussions are reportedly Weighing on gold with Democrats and Republicans making slow progress in negotiations the country May default if the debt ceiling isn't raised by June


1st but Congress has never before let that happen how low could gold go well the broad consensus is that the yellow metal is set to rise much higher in 2023 and Beyond some Market Watchers believe it could pull back before it makes that big move I recently heard from Chris vermeulen of the technicaltraders.com who laid out two possible scenarios for the gold price pointed to 2090 as a breakout zone for gold saying that if it can Pierce or hold above that level especially on a monthly basis then the next stop could


be 2600 to 2700. however that big move isn't guaranteed to happen it's also possible that the precious metal could fall as low as 1800. here's how Chris explained it we could be going into a recession and the last time we went into a recession and we saw stocks collapse a stage four decline where which is a very severe type of sell-off we only had a couple of those in the last 20 years the the tech bubble was a stage four decline the 2008 financial crisis Was Won and I think we're actually coming back into


another type of stage four Decline and the reason I say that is because this is the chart of gold we're looking at and gold pulled back about 34 percent during that stage four decline almost all assets get pulled down when there's forced liquidation so we while I'm very bullish on gold and I own a lot of physical Metals for the long-term picture we could still see gold pull back in continue in this kind of this sideways Channel and over the next year I think this this stage four decline could


potentially keep precious metals and miners Under Wraps a little bit here for another five six seven months until the stock market maybe works itself out by having some type of financial reset where we get a big crash in equities going forward I'll leave the link to the full interview with Chris in the video description [Music] as we wrap up I want to take a quick look at the latest m a news in the gold sector this week Newman entered into a 19.5 billion deal to acquire new Crest mining if this news sounds familiar it's


probably because Newmont first approached new Crest back in February the company then submitted a revised non-binding indicative proposal in April and entered confirmatory due diligence although the transaction faced skepticism when it was announced with Executives at agnico Eagle mines and Barrack gold raising questions Nuance Tom Palmer has emphasized its benefits highlighting an estimated 500 million in annual synergies he's also noted that Newmont will increase its exposure to Copper which is


gaining traction for its role in the energy transition the acquisition remains subject to shareholder approval from both Newmont and newcrest with completion anticipated in the fourth quarter of this year that's all for this week if you like this video make sure you subscribe to our Channel and turn on notifications so you don't miss future updates and interviews you can also follow us on social media or click below for our report or any article mentioned in this video we'll see you next time


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