The American bank, Wells Fargo says that now is the time to buy gold – noting that the expected correction, following a period of rapid gains, was very expected and has created a great buying opportunity for those wishing to hold precious metal.

The bank maintains its bullish stance on gold, doubling down on its previous expectations that the rally will reignite and push prices higher before the end of the year. John LaForge, head of real asset strategy for Wells Fargo said yesterday (Tuesday), “We’re buyers of gold. After a great seven-month run, gold cooled off in August and September. Gold spot prices today sits about $200 (£153) lower than its all-time high of $2,075 (£1,598) per ounce set in August.

“Only five times since 1980 has gold seen 37%+ rallies in such a short amount of time. These types of rallies are hard to hold onto, and gold was due to cool off some. The fundamental backdrop looks good. Interest rates remain low, money supplies excessive (quantitative easing), and we are doubtful that the U.S. dollar’s September rally has long legs. We view gold at these prices as a good buying opportunity and, as evidenced by our 2021 year-end targets, expect higher gold prices.”

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