Goldman: 3 Key Reasons Why We Are Bullish On Gold

Goldman Sachs: 3 Key Reasons Why We Are Bullish On Gold


On “Bloomberg Commodities Edge”, Bloomberg’s Alix Steel and Naureen Malik talk with Jeff Currie, global head of commodities research at Goldman Sachs. They discuss Goldman’s bullish stance on gold.

Gold is gaining on mounting speculation China and other central banks will unleash stimulus to counter the economic pain from the coronavirus outbreak, boosting liquidity in the market and devaluing currencies.

UBS are also bullish on gold as a hedge on dollar and geopolitical risk.

Goldman: 3 Key Reasons Why We Are Bullish On Gold

Geopolitical risk. Many risks including a potential war with Iran and the coronavirus. The pandemic may lead to a drop in Chinese demand in the short term, following by an increase in demand from China (Editors note: and globally)

Dedollarization is “one of the ones that we view as a substantial reason to buy gold”. Central banks are diversifying away from the dollar and buying gold at large and record levels – the most of amount of gold buying since the Nixon era

Negative rates and savings surplus. The global savings glut is seeing excess savings and “a lot of that is being put into gold”

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

26-Feb-20 1647.95 1634.90, 1273.37 1264.76 & 1515.45 1505.42
25-Feb-20 1655.90 1650.30, 1275.54 1271.39 & 1528.06 1522.73
24-Feb-20 1682.35 1671.65, 1304.49 1293.69 & 1555.84 1540.26
21-Feb-20 1633.70 1643.30, 1264.81 1269.12 & 1512.48 1515.29
20-Feb-20 1610.35 1619.00, 1250.11 1258.45 & 1491.99 1496.77
19-Feb-20 1609.50 1604.20, 1239.80 1237.80 & 1490.40 1486.29
18-Feb-20 1588.20 1589.85, 1218.47 1220.37 & 1467.34 1470.77
17-Feb-20 1580.30 1580.80, 1212.41 1215.16 & 1457.04 1458.29
14-Feb-20 1576.35 1581.40, 1209.60 1214.20 & 1453.08 1456.79
13-Feb-20 1575.00 1575.05, 1213.55 1207.59 & 1447.27 1450.94
12-Feb-20 1566.75 1563.70, 1206.55 1206.55 & 1434.83 1434.54




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Mark O'Byrne

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