Gold has flown past a huge landmark this week, ascending above £1,550 ($2,000) for the very first time – and there is much more still to come according to experts. The record price means that the precious metal has met widespread analyst expectations much swifter than anyone thought possible.
Clearing £1555 ($2040) sets gold up for a bull run of momentous proportions with some suggesting that we’ll see £1750 ($2200) in the very near future. The surge for gold came as positive signals emerged to suggest that the US government was close to approving yet another stimulus package to bolster the economy. While positive in the short term, this increases fears that inflation will skyrocket, which means investors are increasingly demanding safe haven assets.
Margaret Yang, an investment strategist said, “The mid-to-long-term prospect of gold and other precious metals remains bullish against the backdrop of low interest rate environment and fiscal and monetary stimulus.”
State Street Global Markets’ head of North America macro strategy says price gains come back to monetary policy, observing, “It all falls back on the Fed, that is what’s driving this. Gold is outperforming, Treasuries are outperforming. It’s all about the debasement of the dollar.”
With widespread expectations that more gains are on the way, buy now.
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