If you’ve been holding off on buying gold, the window of opportunity is closing on lower gold prices, according to forecasts. RBC Capital Markets commodity strategist Christopher Louney urges investors to buy gold now, ahead of prices increasing next year.
“We think gold will have more momentum given the bumpier economic times that seem to be ahead,” he confirmed in RBC’s latest gold outlook. “There will be a number of buying opportunities in what remains of 2022 and into early 2023 in preparation for a turn of some of the most gold-negative macro factors, according to our base case outlook.”
The report also highlights the important role gold plays in any portfolio under current geopolitical and economic circumstances, emphasising the need for the precious metal to balance against ongoing market turmoil and economic risk. The outlook adds, “We recommend [gold] as a risk overlay, particularly given economic and geopolitical risk, and as a long-term store of value.
“We would point to Russia’s ongoing war in Ukraine, US-China tensions and other risks around resource nationalism, de-globalization, and general trade tensions as the world continues to face elevated inflation and commensurate economic challenges.”
Don’t wait for this window of opportunity to slam shut. Buy now ahead of 2023 price increases.