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The German bank, Commerzbank has this week become the latest major financial institution to state that is sees no limit to gold’s price potential in the medium to long term. The remarks echo those made by both Wells Fargo and TD Securities earlier this week – as we reported in our mid-week Gold Bullion Bulletin on Wednesday, Wells Fargo’s head of real asset strategy John LaForge said “As evidenced by our 2021 year-end targets, we expect higher gold prices” while analysts from the Canadian investment bank TD Securities said, “We think the balance of risks has tilted firmly to the upside once again.”

For its part, Commerzbank identifies a whole host of reasons why gold will only continue to gain. The bank’s commodity analyst, Carsten Fritch says the pending US election (which has this morning been thrown into turmoil as a result of Donald Trump’s coronavirus diagnosis), the rising prospect of a no trade deal Brexit and other simmering diplomatic tensions worldwide all favour gold.

He said, “In our opinion, the gold price is a long way from ending its upswing. The problems we currently face are simply too manifold: be it the rapidly rising national debt levels, the unchecked printing of money by central banks, the persistently extremely low interest rates, and the numerous political risks.”

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