Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Gold will rebound strongly next year, despite higher interest rates, according to a survey of the bullion industry.
Delegates gathered in Lisbon for the London Bullion Market Association’s annual conference expect prices to rise to $1,830.50 an ounce by this time next year, about 10% above current levels. The survey included the world’s top traders, refiners and miners.
Gold has fallen about 20% since coming close to a record in March following Russia’s invasion of Ukraine. Tighter monetary policy — particularly by the Federal Reserve — has weighed on the precious metal which bears no interest.
Still, some investors are holding onto bullion as a hedge against broader geopolitical and economic risks, from the war in Ukraine to Covid-19 lockdowns in China.
Silver prices were predicted to boom 50% over the same period. That was based on the average forecast of the LBMA delegates surveyed.
(By Eddie Spence)
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