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But the opinions of analysts, including ‘Citigroup’ (Citigroup), still believe that The “price of gold” is likely to set another record in New Heights before the end of 2020.
You readers may wonder …“Why is the ‘price of gold’ rising again in New Heights?”
What will be the answer … Let’s chase him at the same time
“Price of gold” Increased throughout this year Caused by investors raising a horde of cash to invest “Safe Assets” or “Bunkers” known as SAFE SHELTER Paranoia, the economic impact of the coronavirus, or “COVID-19” (COVID-19), has spread across the world. There have been 32 million cases of infectious diseases and more than 900 thousand deaths.
Fear that time As a result, the “price of gold” rose more than 34%.
And from the beginning of the year to the present “Gold Stock” Of the world’s 2 giant gold mines Good accepted more than 50%, Newmont Corporation (NEM) recovered 46% and Barrick Gold (GOLD) recovered 53%.
Recently, ‘Tom Palmer’ (Tom Palmer), CEO of Newmont. In an interview with the Bloomberg news agency, he believes that “gold prices” are likely to rise before the end of 2020, as estimated by Citigroup.
As for the reason why the “price of gold” fell a few weeks ago It is because investors are flowing and benefiting. As a result of the pressure, the dollar reached 94.60, the highest level since July 24, and the demand for jewelry declined, like that of India, one of the gold countries that consumes the most in the world. But in the face of the COVID-19 crisis causing consumer demand to decrease
So the “price of gold” estimated that it will return to New Heights again … at what level?
If you look at the “gold market” on Friday and the weekend (September 25), you might see that The “price of gold” began to recover. As a result of speculative purchases with many “factors” such as “accelerators”.
What are these “factors”?
As …
1. Election of the President of the United States That is going to happen on November 3, which has seen a flash of chaos from afar. Furthermore, the election results remain uncertain and difficult to predict.
2. Yields on world government debt plummeted.
3. Liquidity injection (QE) by central banks around the world The US Federal Reserve And the dollar currency depreciates
4. Tense trade situation around the world AND political risks
AND 5. A new wave of rapidly spreading COVID-19 outbreaks.
This factor is a driving force for the “price of gold” to reach a record 2,200 an ounce in the short term. And before the close of 2020, it could rise more than $ 200 an ounce from the normal level at $ 2,275 an ounce. While in the next 6 to 12 months it could be $ 2,400 an ounce.
But anyway … for this period, look at that “Price of gold” It is likely to move within the range of $ 1,845-1,882 an ounce. First resistance at $ 1,882 an ounce. There may be a selling force. If possible, there will be the next resistance at $ 1,900 an ounce. But if it is not completed, recommend opening a short position to wait for the buyback when the price weakens.
Not just investments in “real gold”, buying “gold stocks” is one of the options that investors see as benefits. And it can also be more profitable than “real gold”
But not all “gold stocks” will succeed!
Today … we have selected three based on the forecasts of analysts who see This will be the most successful “gold reserve”.
Of course, 1 in 3 is unavoidable. “Stocks of gold mines”, that is ‘Barrick Gold’ (Barrick Gold: GOLD) One of the largest gold mining companies in the world Producing more than 500,000 ounces of gold per year, the average gold yield is expected to be approximately 5 million ounces per year through 2029.
The second is ‘Franco-Nevada’ (Franco-Nevada: FNV). A gold transmission company that covers gold, silver, platinum and even oil and gas, for 2019, revenue increased from “gold” to 65%.
The last one is the SPDR Fund (SPDR Gold Trust: GLD). One of the ‘ETF’ funds (ETFs) that contain both gold mining stocks and gold transmission stocks. And if going back to August 3 and 4, they bought 15 tons of “gold”, a total of 1,258 tons, four times more than the Bank of England reserves.
In the image, the trend for “gold” is still positive. That already reaches the middle of the “bull market.” As for who wants to invest what type I would like to be careful when investing Because investments are at risk.
Thairath Online News Team Report
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