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Main » 2019 » July » 9 » By the end of the year the price of gold could reach $ 2,000
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By the end of the year the price of gold could reach $ 2,000

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Gold prices may continue to rise even after they have reached a multi-year high last week, said on Monday global investment strategist. 

"In fact, prices are projected at $ 2,000 by the end of the year," predicted David Roche, president and global strategist at Independent Strategy, a London-based.

 

 

 

 

 

The spot price of gold on June 25 reached $ 1422.85, which is the highest figure in the last six years. Last week, the price of gold futures also reached its highest level since August 2013 at $ 1417.70. 

Gold prices are in an uptrend against the backdrop of the recent decrease in expectations of the Federal Reserve's interest rates and the strengthening of geopolitical problems - conditions that can put pressure on the stock market, in view of Roche. 

"I really believe that the financial markets are now ready to collapse like a pile of sand," - he said in an interview with CNBC television.

However, the price of gold fell slightly on Monday in response to the US announcement on Friday that they have recorded higher-than-expected employment growth in the non-agricultural sector (read more). The report eased investors' expectations about the Fed lowering rates. 

Despite this, Mr. Roche has predicted that gold prices will continue to rise, partly because of tension in international trade will strengthen the negative sentiment in the stock market. 

"I think China's trade conflict with the United States is a much more ambitious global conflict that would undermine the expectations of growth in the stock markets", - he said.

Given this perspective, Roche recommends investors hold gold in their portfolios, along with some European fixed income and US Treasury bonds.

 

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