• 20 hours Netflix Earnings Red Alert: Subscriptions Could Underwhelm
  • 2 days Wall Street Banks Are Back
  • 2 days Elon Musk’s SpaceX Scores Big Win Over Jeff Bezos’ Blue Origin
  • 3 days Which Country Is The World’s Largest Investor In Batteries?
  • 5 days Are Bitcoin’s Environmental Risks Overblown?
  • 5 days Why The Gold Rush Ran Out Of Steam
  • 8 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 8 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 9 days The Pandemic Has Culled The Middle Class
  • 10 days Legacy Automakers See Massive Spike In Sales
  • 11 days Tesla's Biggest Competitor Is Going Cobalt-Free
  • 12 days Stocks That Could Benefit From Biden’s $2.5 Trillion Infrastructure Plan
  • 14 days The Mafia Has Expanded Its Influencer Under COVID-19
  • 15 days How Fintech Will Get Skeptics Into Crypto
  • 16 days Monday Markets Rise On Stellar Jobs Report
  • 19 days Not Even Bribery Allegations Can Crush Cannabis Boom
  • 23 days Canada May Become Leader In Booming Battery Market
  • 24 days Nearly 42% Of All Amazon Reviews Are Fake
  • 25 days Kidnapping Is Big Business In Nigeria
  • 26 days COVID Fraud Amounts To Nearly $570M
Gold Miners Brace For Seasonal Downturn

Gold Miners Brace For Seasonal Downturn

Gold miners have been hammered…

Is A Massive Gold Rally On The Horizon?

Is A Massive Gold Rally On The Horizon?

Gold prices have fallen from…

Could This Be The Most Exciting Lithium Play Of 2021?

Could This Be The Most Exciting Lithium Play Of 2021?

This Nobel Prize-winning breakthrough is…

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