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Gold Set to Soar Above $1,300 – Goldman and Bank of America

by Bloomberg

Gold is set to surge over the next year as concerns deepen about the widening U.S. budget deficit and a tariff-driven trade war starts to damage the country’s economy, according to Bank of America Merrill Lynch.

Bullion could average $1,350 an ounce in 2019 as corporate tax reforms worsen the U.S. fiscal balance, Francisco Blanch, head of global commodities and derivatives research, said in a phone interview last week. Spot gold traded at $1,198.82 on Monday and has averaged about $1,285 this year.

“We’re still pretty constructive longer term on gold,” because of worries over the future of the U.S. economy even though it’s performing relatively well right now, said New York-based Blanch. “In the short run, the effects of strong dollar, higher rates dominate. But in the long run, a huge U.S. government budget deficit is pretty positive for gold,” he said.

The warning over the budget echoes billionaire hedge fund manager Ray Dalio, who predicted this month that the U.S. economy is about two years from a downturn, which will see the dollar plunge as the government prints money to fund a swelling deficit. Goldman Sachs Group Inc. has also joined the chorus of bulls, seeing gold at $1,325 in 12 months. Bullion has been building a base around $1,200, after five months of losses, the worst run since 2013.

Full article on Bloomberg

Listen to the lastest Goldnomics Podcast interview with the ‘Silver Guru’ on Blubrry and iTunes. Watch and subscribe on YouTube

News and Commentary

Gold Set to Soar Above $1,300, Bank of America Says (Bloomberg.com)

Stocks Mixed as Trade and U.S. Politics Dominate: Markets Wrap (Bloomberg.com)

Gold steady amid trade tensions, eyes on U.S. Fed (Reuters.com)

Trade news keeps a lid on Asian stocks as holiday-week doldrums persist (MarketWatch.com)

India eyes higher import duties on key items, but will spare gold (Reuters.com)

Time to protect yourself by adding gold to your portfolio? ‘Do the math’ (MarketWatch.com)

European Inflation, Brexit Divisions, Trade War Sets In: Eco Day (Bloomberg.com)

Tensions Grow As China, Russia, And Iran Lead The Way Towards A New Multipolar World Order (ZeroHedge.com)

ECB’s Draghi Sees Vigorous Pickup in Core Inflation; Euro Jumps (Bloomberg.com)

Barrick-Randgold Merger Could Help Overcome Gold’s Falling Grade (Bloomberg.com)

Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below

Gold Prices (LBMA AM)

24 Sep: USD 1,198.75, GBP 913.69 & EUR 1,018.70 per ounce

21 Sep: USD 1,207.60, GBP 914.88 & EUR 1,025.25 per ounce

20 Sep: USD 1,203.00, GBP 910.55 & EUR 1,027.72 per ounce

19 Sep: USD 1,203.00, GBP 912.48 & EUR 1,028.44 per ounce

18 Sep: USD 1,199.40, GBP 913.94 & EUR 1,026.81 per ounce

17 Sep: USD 1,196.80, GBP 914.00 & EUR 1,027.21 per ounce

14 Sep: USD 1,206.20, GBP 918.76 & EUR 1,030.58 per ounce

Silver Prices (LBMA)

24 Sep: USD 14.32, GBP 10.90 & EUR 12.17 per ounce

21 Sep: USD 14.33, GBP 10.87 & EUR 12.18 per ounce

20 Sep: USD 14.23, GBP 10.75 & EUR 12.14 per ounce

19 Sep: USD 14.18, GBP 10.76 & EUR 12.13 per ounce

18 Sep: USD 14.21, GBP 10.81 & EUR 12.16 per ounce

17 Sep: USD 14.17, GBP 10.81 & EUR 12.15 per ounce

14 Sep: USD 14.22, GBP 10.83 & EUR 12.15 per ounce

Recent Market Updates

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The post Gold Set to Soar Above $1,300 – Goldman and Bank of America appeared first on GoldCore Gold Bullion Dealer.

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