Analysts at the Swiss investment bank UBS think that gold can continue to benefit from its safe haven status under the current uncertainty. The latest report stresses that the spot price has already gone above $2,000, reaching a new 12-month high. In March, gold ETFs saw net inflows of capital for the first time in almost a year.
Considering the latest events, UBS analysts think that gold will reach their $2,100 target before March 2024 – the month that was cited in a previous forecast. Though it seems like we won’t see a global financial crisis on the 2008 scale, it will still take time to restore investor confidence.
Meanwhile The Morgan Report editor David Morgan shared his view on the gold prices with The Investing News Network. He thinks that the banking crisis is forcing people to hedge their investments. Morgan said that under stress, investors do things that they wouldn’t otherwise do – and we are exactly at such a point right now.
Morgan added that if gold reaches a new price ATH, it can keep going higher. If the $2,060 level is broken, algorithms will kick in – trading algorithms that know that there is no resistance above. Even modest buying pressure will cause the price to rise higher. Everyone will say that gold is going up and nobody is selling – and then new buys will flow in, and the price will grow even more.
Website : https://gold.storage/
Whitepaper: https://gold.storage/wp.pdf
Follow us on social media:
Telegram: https://t.me/digitalgoldcoin
Steemit: https://steemit.com/@digitalgoldcoin