Business Insider
July 6, 2016
July 6, 2016
The price of gold will continue to shoot up in 2016, and has now “entered a new phase” of growth in the post-Brexit world, thanks to a variety of macroeconomic factors.
The gold price has increased 24% this year so far.
And the risks to the global economy will make it the go-to investment for the rest of 2016, according to UBS strategist Joni Teves in a note circulated to clients on Tuesday.
As a result, Teves and her team have increased their annual forecast for gold to an average of $1280 per ounce, compared to $1225 previously. Teves notes that she expects an average gold price for the rest of 2016 of roughly $1340, and in the short-term, gold will likely hit $1400 per ounce.
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