Word is spreading around Wall Street that gold is “set to join the all-time-highs club.” When multiple major players in the financial world think the precious metal is poised to move to incredible heights, it’s worth paying attention to. Learn more in this episode of USMR Market Insights with Patrick Brunson.
Why Are Analysts Forecasting a Gold Rush in 2020? – Video Transcription
Patrick Brunson: 00:00
Banking giant, Goldman Sachs, recently predicted that gold prices could hit $1,600 an ounce next year. This continues the trend of financial firms, banks, and other market watchers giving precious metals the green light in 2020 and beyond. In November, multinational bank, ING and British financial services company, Standard Chartered, also forecasted that gold would hit $1,500 an ounce in 2020. Other predictions go even higher, gold research firm Murenbeeld and Company forecasts gold to hit 1,550 in 2020. Other predictions are even more bullish for gold. In early December, Bloomberg Intelligence stated gold was set to join the “All-Time-Highs Club” within the next decade. In other words, these analysts believe that gold could beat its previous high of over $1,920 an ounce in September of 2011. The reasons given by these analysts vary, but uncertainty was a recurring theme, and the words of the head of research of Murenbeeld and Company Chantelle Schieven uncertainty is here to stay. We are seeing it everywhere, and that's ultimately good for gold.
Patrick Brunson: 01:11
Signs of a possible drop in the stock market also support these bullish sentiments for gold. Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone put it simply when he said, “the U.S. dollar and equities can't go up forever, and a normal reversal could boost gold to new all-time highs.” These attitudes are not limited to gold either. Precious metals research firm, Metal Focus, forecasted silver to enter 2020 with a 3% gain in price. Investment firm TDS Securities sees the palladium rally continuing well into next year with price predictions in the $2,100 an ounce range. Only time will tell for sure what the future holds for gold and other precious metals. If this year's performance is any indication, then prices even one year from now could be much, much higher.
Patrick Brunson: 01:59
For more information, please call the number on your screen to receive one of U.S. Money Reserve's latest special reports, How Much Gold is in the World. This report answers many questions you may have about the world's gold supply, so click the link below or call the number on your screen right now to get your copy, and please give us your thoughts and share this video. If you're watching us from YouTube, please subscribe to our channel so that you don't miss a single episode. I'm U.S. Money Reserve's Patrick Brunson, and thank you for watching Market Insights.