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Goldman Sachs said earlier this week that is foresees gold reaching $1600 an ounce in the New Year. The prominent investment bank also noted that it expects gold to be a popular investment class during the coming years as investors look for alternative assets to add to their portfolios.

The bank explained its bullish outlook in its analysts report, explaining “Investment deficit creates excess savings, supporting gold. In theory, savings should equal investment, but due to this decline in capex and a rise in precautionary cash balances, a savings surplus is beginning to develop that is supporting gold prices. When combined with 750 tonnes of central bank gold purchases related to de-dollarization and defensive portfolio rotations, the savings glut means we maintain our bullish gold stance in the New Year with a target of $1600/toz and beyond.”

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