The investment bank, BMO Capital Markets, which is a subsidiary of the Canadian Bank of Montreal, says the future looks rosy for gold – which is great news if you buy now.
Bank analysts cited the measures being taken to stimulate the economy and Federal Reserve policy as reason enough to feel positive about buying gold, suggesting that strong prices will continue to be supported, even as the economic wheels begin to turn once again.
BMO commodities analyst Colin Hamilton said even the Federal Reserve Chair, Jerome Powell’s dismissal of negative interest rates this week can’t dampen prospects for the precious metal. He commented, “Fed has more policy cards up its sleeve, and is more than willing to play them to promote economic recovery. Overall, with the Fed still offering clear support, we see the environment as still supportive of elevated gold prices.”
The bank revised its price predictions for gold up last month, saying it expected price levels to average $1654 this year, rising to $1698 in 2021.
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