Expert claims: “Gold will be the last currency standing”
Gold is on the road to recovery as the price of the precious metal rose to a one-month high on Tuesday, November 1st. A whole cluster of expectations has emerged in reaction to this.
Keep on reading and get to know about the impressive gold forecasts that have opened the month of November, which also predict a more than positive end of the year for gold prices.
Gold hits its highest since early October
Gold prices have reached the value of $1,284 an ounce in the first day of November, its highest since early October due to a softened dollar in the face of a meeting of the US Federal Reserve’s policy board.
The value of this precious metal is expected to keep on rising and its stability to solidify to such an extent that experts are already highlighting gold's well-established base and safety:
“Gold prices are edging higher and it seems more likely that a base has now been established. The halt in the dollar’s rise may well be providing some lift too”
William Adams, analyst at Metal Bulletin
Gold prices forecasts for December are predicted to be $1,285 an ounce.
More physical buying at the domestic market
William Adams added the following in “The Bullion Desk” website:
“Given the pullback in gold prices in October after earlier strong gains, we would not be surprised if more physical buying started to emerge now. It looks like a base may be in place”
The most noticeable physical buying comes from jewelers, who are buying physical gold to meet the wedding season demand, specially in India. Together with this acquisition of the precious metal on the part of the domestic market, this month's gold purchase is reinforced by a emerging but firm global trend to buy gold, as reported by “The Economic Times” website.
“Gold will be the last currency standing”
One of the speculations for the current global trend to buy gold has been disclosed by Peter Boockvar, Chief Market Analyst with The Lindsey Group, when interviewed by Daniela Cambone:
“When I say it’s the last currency standing, I’m of the belief that we’re at the end game of this post-WWII monetary regime and the activity of central bankers, in their extreme monetary policy, is what eventually ends this. I’m not calling for a gold standard, I’m just saying gold will be part of whatever comes next.”
