When Will Gold Hit the Heights Again?

**Tim Elliott** (0:00)
This is Mira Business FM, it's the Morning Drive, Annie, it's Friday, and it's time to talk to the, I don't know, I don't have an adjective that's lofty enough for this. It's the guru that is Jeff Rhodes is back. I feel like we've not seen you for weeks.

**Jeff Rhodes** (0:17)
Well, you haven't seen me probably for 10 days or so, because last week, you were swanning off on Eid holiday, and I didn't know what to do with myself. It was Friday morning and couldn't function because I hadn't been to the Mira studios.

**Tim Elliott** (0:38)
Is that what it was?

**Jeff Rhodes** (0:39)
It was a bit.

**Tim Elliott** (0:40)
Yeah, okay. You were just at a loss.

**Jeff Rhodes** (0:43)
No, I missed it. And of course, it's been a while since the big game, the big games.

**Tim Elliott** (0:52)
I'm not sure that we should talk about that. For anybody unaware, Jeff is a supporter of the Tottenham Hotspur Football Club. I am a supporter of the West Ham United Football Club. And on the last day of the season, we shouldn't really be talking, should we? Because your lot stayed up, and my lot got relegated.

**Jeff Rhodes** (1:09)
Yeah.

**Tim Elliott** (1:10)
So I should feel aggrieved.

**Jeff Rhodes** (1:11)
And you deserve to stay up, actually. You won 3-0. We nicked a 1-0 victory.

**Tim Elliott** (1:18)
Yeah. But not good enough early in the season, you see.

**Jeff Rhodes** (1:21)
Well, that's it.

**Tim Elliott** (1:22)
You get what's dished out.

**Jeff Rhodes** (1:23)
I tell you what, though. I think...
Sorry, we're talking about football, everyone. No, please.
I think you made a good decision in sticking with your manager. Because you did come... You recovered in the second half of the season very well. If you would have had that kind of form earlier on, you would have been easily mid-table. So I think you did a good thing, was it, with Mr. Nunu Espirito?

**Tim Elliott** (1:50)
Nunu Espirito Gomes, yeah. No, I think he's a good guy.

**Jeff Rhodes** (1:53)
Yeah.

**Tim Elliott** (1:54)
I think... No, I think... Hopefully, that will turn out to be a good decision.

**Jeff Rhodes** (1:57)
I think I'll have a little flutter on you coming straight back.

**Tim Elliott** (2:02)
You can crush your fingers. And then you came in and said, and I'm not going to let you forget this now, because I had forgotten this, but you owe me dinner, apparently.

**Jeff Rhodes** (2:12)
I do, yeah.

**Tim Elliott** (2:12)
I completely forgotten, Jeff.

**Jeff Rhodes** (2:14)
Don't we have to reverse bet?

**Tim Elliott** (2:16)
I know. So this is stay up or stay down, but the other way around. So yeah, where are we going?

**Jeff Rhodes** (2:23)
Your choice. Okay.

**Tim Elliott** (2:25)
Are we talking fast food or are we talking slightly more fine dining?

**Jeff Rhodes** (2:29)
I think slightly. I think you deserve more fine dining.

**Tim Elliott** (2:33)
Just to help with that.

**Jeff Rhodes** (2:34)
I think so, yeah.

**Tim Elliott** (2:36)
Get rid of that tears. Yeah, I know. Well, then we'll do that. We'll sort out a date. We should film it, and it's probably more interesting in this podcast, but there you are. I've got to say to you, I mean, I read your reports, I look at what gold is doing, and it's a little bit choppy at the moment, but to be honest, not a great deal to say.

**Jeff Rhodes** (2:59)
It hasn't gone anywhere. It's really stuck. And if you look at, it was stuck between 4500 and 4700
Now, it's stuck between 4400 and 4600 Everything is in the four, sorry, 400 Everything's in the 4000s, really. And when you look at the support that's clear on the charts, it's 4400, okay? The resistance on the charts, clearly, 4800 Now, when we break outside of either end of that range, that will trigger a move of $300, in my view. Just, it's like pent up, we're going nowhere.

**Tim Elliott** (3:48)
Yeah, yeah.

**Jeff Rhodes** (3:49)
I still believe it's going to be higher, but the longer the conflict in the Gulf continues, the more damage is being done globally to the fabric of the global economy, because the price of energy is making life difficult for everyone. And I think all of us, certainly me, I would have expected and hoped that this conflict would have been over by now, but it's just dragging on. And so that feeling of inertia, you know, no one really wants to make any investments if you're not sure where we're going. And so I think the sooner we have a resolution, the better. When that happens, gold will rally.