• 7 hours Abysmal Retail Sales Have Wall Street Scratching Head
  • 13 hours China To Build Solar Space Station
  • 1 day Why Is Russia Turning Off Its Internet?
  • 2 days Gold-Stock Mega-Mergers Are Bad News For Shareholders
  • 2 days 166-Year-Old Fashion Icon Plans IPO
  • 3 days Copper Prices Stabilize After 5-Day Decline
  • 3 days Amazon Bails On NYC
  • 3 days Central Bank Gold Binge Sparks Buying Signal
  • 4 days Are Democrats Right To Dismiss Nuclear Energy?
  • 4 days JP Morgan Launches A Cryptocurrency
  • 4 days China’s Mountain Of Debt Is About To Crumble
  • 4 days Medical Bankruptcy Is Killing The American Middle Class
  • 5 days Gold Jewelry Fuels $20 Billion Valentine’s Spending Spree
  • 5 days Gold Inches Upward On Dollar Weakness
  • 5 days The Geopolitics Of Cheap Tabloids
  • 5 days Is Germany’s New Industrial Strategy Good For Its Economy?
  • 6 days The Biggest Bottleneck In The Renewable Revolution
  • 6 days Major Gold Analysts Predict A Good Year For Precious Metals
  • 6 days 40% Of Canadians Pay Zero Income Tax
  • 6 days Markets Turn Bullish After Bad Fourth Quarter
Gold Inches Upward On Dollar Weakness

Gold Inches Upward On Dollar Weakness

The USD Index fell significantly…

Central Bank Gold Binge Sparks Buying Signal

Central Bank Gold Binge Sparks Buying Signal

Facing a worldwide debt bubble…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Goldman: Gold Prices Will Hit 6-Year High In 2019

Gold

Goldman Sach’s head of commodities research Jeff Currie does not expect an early recovery in long-cycle investment and therefore prices of industrial metals due to a structural decline in demand from China, but he is very bullish on the gold price.

Speaking on Bloomberg Surveillance, Currie says gold will benefit from strong central bank buying and the wealth effect in India and China due to strengthening local currencies.

The last time gold topped $1,400 an ounce was briefly in early September 2013

On top of increased physical demand in the two top gold markets, Currie says “recessionary fears are raising physical demand for gold” and central bank buying “alone” will push the price of gold to $1,425 an ounce.

Goldman’s target price for gold is $1,450 an ounce. That represents double-digit gains from today’s price of $1,315 an ounce, already a seven-month high. The last time gold topped $1,400 an ounce was briefly in early September 2013.

Retail and institutional investors are also bullish, with holdings of physically-backed exchange traded funds now the most valuable in seven years.

Holdings in global gold-backed ETFs and similar products rose by 69 tonnes to 2,440 tonnes in 2018, equivalent to $3.4 billion of inflows, according to the World Gold Council.

This is the first time since 2012 that the value of total gold-backed ETF holdings has finished the year above $100, says the industry body.

By Mining.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment