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BofA Raises 18-Month Target Price for Gold to $3,000


isaacyzzz

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This might be behind the "THINKING" above! 🙄

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Chaos in Gold Markets Ripples to Other Precious Metals

By 

Justina Vasquez

2 July 2020, 22:10 BST Updated on 3 July 2020, 05:00 BST

The chaos that engulfed the gold market in March as the global pandemic choked off physical trading routes is rippling through other precious metals, resulting in price dislocations and a surge in exchange inventories for silver and platinum.

The gold market was thrown into turmoil in March as lockdowns grounded planes and closed refineries, leading traders to worry they wouldn’t be able to get gold to New York in time to deliver against futures contracts. That caused futures, which typically trade close to the London spot price, to soar to a premium, inflicting losses on banks that struggled to close arbitrage bets and spurring them to shift some positions out of New York futures.
There are signs that the dynamic isn’t limited to gold. Silver and platinum futures have traded at elevated levels relative to spot metals since early April. And as in the case of gold, the premiums are spurring big increases in on-exchange inventories in New York.

Article is here for more depth - - > > 

https://www.bloomberg.com/news/articles/2020-07-02/spread-blowout-that-jolted-gold-ripples-across-more-metals

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I don't normally comment on gold & silver prices but I believe gold will blow through $2000 USD before the end of this year & silver will top $21.

I have one of my share dealing accounts with Saxo bank who have have consistently stated they are very bullish for gold & silver in the 3rd & final quarter of this year. I don't need to go into the reasons why on here, you all know them.

I have a few decent chunks of gold & silver miners & have no intentions of selling anything over the next 6 months in fact I will add on any severe dips & am using lumpy dividends from some of my heavyweight shares to add to my existing PM miners.

The problem with common sense is, its not that common.

 

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Gold prices are expected to continue to trend up in the medium-term – CitiBank

In their 2020 Mid Year Outlook report, analysts at Citibank, point out gold continues to lead all commodities in YTD performance, proving to be an outperformer as a safe haven asset and acts as a risk hedge in portfolios. 

Key Quotes:

“Gold markets appear to be in the midst of a multi-year bull cycle and are likely to trade in a higher range. Lower for longer interest rates with QE in full swing, potential lingering macro uncertainty (COVID-19 impacts and new wave of US-China tensions) and strong investor flows could continue to support gold prices and offset weakness in Asian jewelry demand.”

“Gold prices are likely to be non-linear and prices may consolidate around the US$1,600/oz area in 3Q, before advancing again. Citi analysts’ forecasts are for 2020 prices to average between US$1,625 - $1,775/oz, while 2021’s prices may average US$1,925/oz. Adding gold to a portfolio may also improve risk-adjusted performance while volatility in global markets stays elevated.”

article here - - > > https://www.fxstreet.com/news/gold-prices-are-expected-to-continue-to-trend-up-in-the-medium-term-citibank-202007061744

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17 hours ago, Prophecy said:

Sadly, there will be another lockdown and another round of QE. It goes without saying really

Seems unlikely, countries now positioned to respond to outbreaks, there will be rolling, localised lockdowns.  

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