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Gold futures struck brand-new document highs of $1,974.90 an ounce today after breaching the 2011 high of $1,920 an ounce. Analysts continue to be really favorable on gold, saying that $2,000 an ounce cost is simply around the bend.
Silver also had a stellar week, rising to $26.275 an ounce and also striking seven-year highs.
Some price pullbacks are not being dismissed yet any kind of significant drops are anticipated to be purchased.
Below's where Kitco's senior expert Jim Wyckoff sees gold heading later this year: Sept. 1: $1,915.00 (normal disadvantage adjustment in an uptrend projected); Nov. 1: $2,085.00; Jan. 1: $2,257.00.
The primary chauffeurs for gold this week have been weaker U.S. buck and also currency reduction concerns taking into account all the money publishing happening across the world.
Goldman Sachs also issued a warning today, specifying that the U.S. buck remains in threat of losing its status as the globe's book currency. "Gold is the money of last hope, especially in an environment like the present one where federal governments are devaluing their fiat money and also pressing actual rate of interest to lowest levels," Goldman claimed.
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U.S. dollar in danger? Gold’s all-time high rally and more — Weekly rundown
Gold futures hit new record highs of $1,974.90 an ounce this week after breaching the 2011 high of $1,920 an ounce. Analysts remain very bullish on gold, saying that $2,000 an ounce price tag is just around the corner.
Silver also had a stellar week, rising to $26.275 an ounce and hitting seven-year highs.
Some price pullbacks are not being ruled out but any major drops are expected to be bought.
Here’s where Kitco’s senior analyst Jim Wyckoff sees gold heading later this year: Sept. 1: $1,915.00 (normal downside correction in an uptrend projected); Nov. 1: $2,085.00; Jan. 1: $2,257.00
The main drivers for gold this week have been weaker U.S. dollar and currency debasement fears in light of all the money printing happening across the world.
Goldman Sachs even issued a warning this week, stating that the U.S. dollar is in danger of losing its status as the world’s reserve currency. “Gold is the currency of last resort, particularly in an environment like the current one where governments are debasing their fiat currencies and pushing real interest rates to all-time lows,” Goldman said.
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