More on that $2,000 gold forecast

Author: Eamonn Sheridan | Category: News

I posted last week on Citi forecasts for gold:

Further to that post, Citi note drivers of money flow into safe haven assets and also support gold:
  • US-China tension escalation
  • concern of second wave crisis drove money flow into safe haven assets
And also as primary drivers for Citi's bullish gold market thesis.
  • Gold holdings in ETFs surged to 3.055kt to an all-time high
  • Low(er) for long(er) interest rates
  • global currency debasement
We think prices are more likely to make a slow grind higher but generally hold a $1,600-1,700 handle, rather than quickly spike to the $1,850-1,950 area.
  • a global growth and EM recovery in 2021 could be what supports the next leg higher towards $2,000/oz
  • Good resistance is met around $1,800, with support at $1,682-1720.
Citi forecasts for gold:

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose