Five reasons gold and silver could rally soon
Earlier, we listed the various reasons why the US dol id="bottom_ol"lar is headed lower. But this doesn't mean all safe-haven assets are in for a reality check. In fact, this might be an opportune time to invest in precious metals, in particular gol id="bottom_ol"d and silver, given the current state of the global economy.
While the latest rally was short-lived, the general consensus is that precious metals will continue to thrive over a longer horizon. This is because a multitude of market forces are currently in favor of gol id="bottom_ol"d, as highlighted below: With everything going against the US currency, it's natural for investors to pivot towards gol id="bottom_ol"d as their go-to safe haven against widespread financial risks.
"A sooner Fed pivot on rate hikes will likely cause another gol id="bottom_ol"d price surge due to a potential further decline in the US dol id="bottom_ol"lar," Tina Teng, an analyst at CMC Markets, tol id="bottom_ol"d CNBC last week. Based on her assessment, Teng expects gol id="bottom_ol"d will trade between $2,500 to $2,600 an ounce.
Oanda's Erlam also agreed that the current market dynamic will boost gol id="bottom_ol"d demand, even if it coincides with a softer dol id="bottom_ol"lar. Aakash Doshi, head of commodities for North America at Citigroup, tol id="bottom_ol"d Financial Times that there had been a surge in investor activity across all three channels in recent weeks."The big catalyst has been the stress in the regional banking system in the US … and it has been pretty much one-directional buying," he said.
Central Bank Buying It's not just the traders that are betting big on gol id="bottom_ol"d and elevating the metal's demand.
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