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Gold May Rise To Over $ 3,000 Next Year
Bank of America Metal Analyst Michael Widmer said that while the demand for iron and copper will increase, gold may rise to over $ 3,000 next year.
Yazar: Tom Roberts
Yayınlanma: 2 Eylül 2020 23:08
Güncellenme: 17 Eylül 2024 15:00
Gold May Rise To Over $ 3,000 Next Year
Bank of America Metal Analyst Michael Widmer said that while the demand for iron and copper will increase, gold may rise to over $ 3,000 next year. The highlights of Widmer's speech are as follows; "We are in a period of monetary easing. We can say that similar things have been done all over the world, but there are also differences. The pandemic affected the whole world. It started in the first airlines. Some recessions also happened. Metals were also affected. Secondly, when we look at the liquidity side, it is very financial. There are incentives. There are also incentives in China, the US and other parts of the world, so we think the prices will rise higher. " Stating that they lowered the copper price forecasts for copper prices for 2020, Widmer said, "We have seen a strong movement basically, but now copper prices can rise above 7 thousand-8 thousand"."The Concern Of The 2Nd Wave Is On The Supply Side"
Analyst Widmer said, "This is something that worries everybody now that we have seen a full opening of the economy in China. We have seen China's demand for copper soared. Demand for copper has increased by 30 percent in the last 2 months. So we saw a very strong recovery. If the second wave happens, it affects demand, but the concern that the second wave will create is on the supply side." Stating that there will be strong demand for iron and copper, Widmer added, "Economies have strong fundamentals. Demand for other metals will be high. I can say that there will be a strong demand for iron. Again, the demand for copper will increase again and it will have a demand that will surpass other metals.""Gold Prices May Rise Above 3 Thousand Dollars"
Widmer, who also evaluates gold prices, said, "Gold has a very different place than copper. We have seen that there are too many incentives so far. They have been trying to keep the interest rates low for a long time. It can only reverse when the interest rates remain low and inflation starts to increase. So we are at a point where there is deflation. Therefore, gold may increase a little more next year and gold prices may rise above 3 thousand dollars, "he said. In addition, he added, "They made a 2 percent change in their inflation targeting and we will see inflation increase, of course ... this will move gold up in the next quarters". If a vaccine is found, the analyst, who also evaluates the effect on gold prices, probably has a restrictive effect on price movements. Because we can see that economies are recovering very quickly. We know that there will be an incentive package in the USA after the elections. Adding that he did not expect a sharp low in gold prices, the analyst saw a correction at $ 2,000. Volatility will continue. This may be a buying opportunity rather than a further decrease.İLGİLİ HABERLER
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