Gold Heading Toward $1,400 As Bull Run Commences
Gold's post-Brexit vote surge continues unabated, with Bloomberg reporting today that the price of the safe haven commodity has risen for six consecutive days.
UBS speculates that the commodity could reach $1,400/ounce "in the short term," with prices averaging $1,340 in the second half of this year, according to Bloomberg. The price per ounce reached its highest point since March 2014 today (July 6) at $1,374/ounce before retreating below $1,370/ounce.
Gold may be in "the early stages of a bull run," Joni Teves, a UBS analyst, told Bloomberg.
The story and an accompanying interview with Robin Tsui of State Street Gloval Advisors state that investors are flooding into both physical gold and gold ETFs. Silver is also running up, and has topped $20/ounce. Tsui foresees the trend will continue for the "foreseeable future."
These days strategic investors, rather than retail investors, are driving the market, Tsui said. These investors believe gold "has started or resumed its important role as a strategic asset in portfolios."
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Oil Bust Continues To Take Its Toll On Canadian Economy
The fallout from the commodities price rout may prove to be more lasting than that of the 2008 global financial crisis. Economies dependent on oil and minerals have borne the full brunt of the price drop, but even mature, diversified economies such as Canada’s have trouble dealing with the consequences of an 80 percent slide in the price of crude over 16 months and similarly major declines in other key commodities. A business sentiment survey conducted by the Bank of Canada among 100 companies between May and June has revealed that local businesses are wary of new investments, with the majority of respondents not planning any over the next 12 months. The situation is understandably the worst in energy and related industries, where many businesses are preparing a new round of cost cuts, while service providers are guardedly optimistic, planning to add new jobs. The goods […]
