Why a New Record High is Coming for Gold | The Mesh Report

Why a New Record High is Coming for Gold

Mike Hammer February 6, 2020 Comments Off on Why a New Record High is Coming for Gold

GOLD PRICE gains of 10% from last year will be more bettered again in 2020, according to industry body the London Bullion Market Association’s survey of market analysts.

On an average annual basis, gold priced in the Dollar recorded its most bullish year since 2011 in 2019, rising 9.8% to $1392 per ounce.

The average annual price now forecast by the 30 analysts entering this year’s LBMA Forecast Survey competition comes 12.0% higher again at $1559 and driven by political and economic uncertainty.

Repeated Survey winner and now independent analyst Ross Norman projects gold will touch a new all-time high in 2020 of $2080 per ounce – some $300 above the next most bullish top, forecast by Frederic Panizutti of Swiss refining group MKS Pamp.

Last year’s joint gold-price winners – Rhona O’Connell of brokers INTL FC Stone and Rene Hochreiter of South Africa’s Noah Capital Markets – see gold averaging $1590 or $1670 respectively in 2020, a rise of 14% or 20% from last year’s annual level.

Most bearish is 2015 winner – back when gold prices set their lowest annual average since 2009 after 3 years of falling – Bernard Dahdah of French bank Natixis, who predicts a low-high range of $1300-1450 with an annual average of $1398.

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