Why gold has no competition? Market experts answer
Gold prices keep on rising day after day. On November 3rd, the most pronounced statement among precious metals experts has been the following: “Gold has no competition”.
Investors have rushed to acquire gold and include it in their investment portfolios just as the prices rose again in the face of the economical and political risks to come. Read on for the experts' full opinions on the matter.
In the morning of November 3rd, gold prices quoted at $1,307, a value resulting from today's economic and political factors, where gold seems to be the only protective asset in the eyes of experts and investors.
Significant names in the area have already taken a stand:
“Gold's role is that of a portfolio diversifier and risk hedge"
Jonathan Butler also wrote in his latest Precious Metals Weekly that “A witches' brew of economic and political factors continue to favor gold”
“I own gold, and I’m extremely happy with the price action”
Stewart Thomson, a known Merrill Lynch broker also stated that “If there is a market crash, gold could surge straight to substantial resistance in the $1425 - $1432 price zone.”
“Having already been caught offside by Brexit earlier this year, the increase in U.S. political uncertainty has traders fleeing into gold as a safe haven for capital”
Colin Cieszynski, chief market strategist at CMC Markets
“Gold is likely be the most wanted asset to hedge against political risks, and there is still much potential to go higher from current levels”
Hussein Sayed, FXTM’s chief market strategist
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