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Gold rose greater than $70 this week after finally cracking the emotionally important $1,800 an ounce level. Gold hit a 10-week high up on much weaker-than-expected U.S. work information, a reduced U.S. dollar, and also a retreat in UNITED STATE Treasury returns. Below's a look at Kitco's leading three tales.
3. After hitting the $1,800 level, analysts were active speculating what's next for gold. Several state there is momentum for greater prices, with expanding rising cost of living concerns triggering risk-off trade into gold.
" With all the stimulus that is expected to find through, I can see why this story of even more debt and also greater inflation will certainly continue to drive gold costs higher," claimed Robin Bhar, an independent market analyst.
2. Bank of America said that the steel's unmatched go to 10-year highs of over $10,000 per tonne is just the start of a much bigger step higher.
The bank is not ruling out copper striking $20,000 a tonne as the market handles considerable supply crisis as well as growing need. "If our assumption of enhanced supply in secondary material is wrong, inventories might deplete within the next 3 years, triggering much more violent rate swings that can take the red metal over $20,000 per tonne," Financial institution of America claimed.
1. Epic investor Sam Zell got gold after spending his job asking: 'why would you intend to possess the metal?'
The 79-year-old American billionaire claimed he was pushed into getting gold due to worries concerning fiat currency. "It has no income. It has expenses to store, and yet when you see the debasement of the currency, you state, 'what am I mosting likely to keep?'" Zell told Bloomberg.
The UNITED STATE is not the only nation that is publishing way too much money. And one of the all-natural responses is to buy gold, he included.
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Gold price sees best week in 6 months
Gold rose more than $70 this week after finally cracking the psychologically important $1,800 an ounce level. Gold hit a 10-week high on much weaker-than-expected U.S. employment data, a lower U.S. dollar, and a retreat in U.S. Treasury yields. Here's a look at Kitco's top three stories.
3. After hitting the $1,800 level, analysts were busy speculating what's next for gold. Many say there is momentum for higher prices, with growing inflation fears triggering risk-off trade into gold. https://www.kitco.com/news/2021-05-06/Gold-s-move-above-1-800-repairs-a-lot-of-damage-momentum-points-to-higher-prices-analysts.html
"With all the stimulus that is expected to come through, I can see why this narrative of more debt and higher inflation will continue to drive gold prices higher," said Robin Bhar, an independent market analyst.
2. Bank of America said that the metal's unprecedented run to 10-year highs of above $10,000 per tonne is just the start of a much larger move higher. https://www.kitco.com/news/2021-05-05/Copper-s-supply-crunch-will-drive-prices-to-13-000-or-even-20K-Bank-of-America.html
The bank is not ruling out copper hitting $20,000 a tonne as the market deals with significant supply crunch and growing demand. "If our expectation of increased supply in secondary material is wrong, inventories could deplete within the next three years, giving rise to even more violent price swings that could take the red metal above $20,000 per tonne," Bank of America said.
1. Legendary investor Sam Zell bought gold after spending his career asking: 'why would you want to own the metal?' https://www.kitco.com/news/2021-05-05/Buying-gold-feels-very-funny-Sam-Zell.html
The 79-year-old American billionaire said he was pushed into buying gold due to concerns about fiat currency. "It has no income. It has costs to store, and yet when you see the debasement of the currency, you say, 'what am I going to hold onto?'" Zell told Bloomberg.
The U.S. is not the only country that is printing too much money. And one of the natural reactions is to buy gold, he added.
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
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