Gold prices could still surge 20% this year as precious-metal investors are right to believe in a bright future for the commodity.
Taki Tsaklanos, founding author at financial analysis provider Investing Haven, told Barron’s that he considers gold at current levels of just below $1,300 a “bargain.”
Investing Haven’s price target for the year is $1,550. Spot gold was little changed at $1,270.46 per ounce Friday, Reuters said.
The euro, 20-year Treasury rates, and traders’ futures positions would all have to turn favorable for the metal if it is to rise, Barron's quoted him as saying.
"A stronger euro, relative to the greenback, would make gold more affordable in that currency; lower rates would make it more attractive versus U.S. bonds; and more bullish speculators would put upward pressure on prices. All three have shown signs that they could boost gold later in 2019, Tsaklanos asserts. Higher inflation also would help," the report said.
Tsaklanos expects “the gold market to build up energy during the summer.” Any breakthrough, he predicts, “is likely going to happen in October or November, and it would pave the way to $1,550.”
Tsaklanos isn't the only respected economic voice touting the benefits of gold.
Newsmax Finance Insider Jared Dillain recently suggested that all investors should have gold in their portfolio in any way possible.
"Add gold to any portfolio (including gold mining equities) and the risk characteristics improve," he recently wrote.
"There’s been a big shift in the Fed’s thinking in the last couple of months. Big… as in, really big… as in, dramatic. At least partially because of the political pressure," he wrote.
"Off in the peanut gallery, you have this whole discussion on Modern Monetary Theory and how deficits don’t matter. Gold likes those kinds of discussions. Plus, central banks are buying it for the first time in a while," he wrote.
"There are also not a lot of gold discoveries out there, and the existing ones are in unhappy places that are hard to get to. The fundamentals of gold are lining up for the first time in a while. I am not the first to observe this. I think people are being very conservative about their gold forecasts, after being burned pretty badly the last time," he wrote.
"I’m bullish, I own it. I think other people should own it, maybe with a bit of risk management this time around."
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