There were plenty of forecasts of gold reaching new highs in 2020 but we could be seeing the precious metal scale fairly heady peaks sooner rather than later according to Jim Cramer, of CNBC’s Mad Money.
Cramer is already a strong advocate that prices will rise significantly in 2020, saying last year that “everyone should own 10% of their money in gold.” On Monday, he said that the increase in gold buying suggests that markets are worried about what might be to come on the economic stage globally. He said, “When I see this endless buying for gold it makes me think for the first-time people are just saying, ‘I’m really fearful’. On the back of this foreboding he predicted that gold is about to go on another bull run – something that Bloomberg Intelligence also forecast last week – noting “gold wants to go to $1,700, $1,800 in the very near future.”
Buy now before that milestone is reached to be sitting comfortably as the new gold bull run gathers steam.