What a week. At the time of writing gold is around $2,670 having pulled back slightly better than expected US consumer data. This morning December gold futures hit $2,708. And to think that just three weeks ago Goldman Sachs were saying we might see $2,700 gold next year. Silver continues to delight, reaching the highest price level in over a decade.
Why now? Why are both gold and silver seemingly unstoppable? The most recent boost (this morning) is likely down to China who announced another 1 trillion CNY of extra stimulus on top of the package of measures already proposed by the People’s Bank of China, PBoC. But of course, this is just one domino in a chain that has been tipping for some time.
The effect of the latest rally in terms of sentiment towards gold has been twofold – the first is that more people than ever are aware that gold investment is an option for anyone, the second is that those same people are wondering if they have ‘missed the boat’.
This is something we cover in today’s video. Of course we could give you the usual chatter as to why gold is a great long-term investment (inflation hedge, safe haven, central bank purchases etc) but instead we look at the reasons why right now is a good time to buy. The biggest one being that $3,000 gold looks to be closer than ever before.
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