Bloomberg Intelligence says it sees a path for gold to top £2,357 ($3,000) in the second half of this year. Its analysts believe the economic slowdown expected to hit global economies in the coming months will trigger a new gold rush, with investors surging to buy gold when the stock market begins to dip.
Senior strategist Mike McGlone expects the yellow metal to be stronger than ever over the course of the next few months with a new all-time price high looming large on the horizon. He said, “Central-bank accumulation and the potential for a global economic slowdown, on the back of the most aggressive rate-hike period ever, may set the stage for gold to move toward £2,357 ($3,000) an ounce.
“The metal’s per-ounce price at about half the level of the S&P 500 in 2Q could be an advantage, particularly if the U.S. economy contracts,” he added. “The history of booms that go bust when excessive liquidity is removed might set the stage for gold to sustain above its £1,572 ($2,000) resistance.”
Don’t wait for prices to push higher. Buy now to solidify your position ahead of a new all-time record being established.
