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Gold’s Next Target $1,400

Gold’s Next Target $1,400

I was heartened the other day when I read an article in BloombergBusiness about the prediction of an astute economist, Barnabas Gan of Oversea Chinese Banking Corporation. Mr. Gan sees a good chance of Gold's next target hitting $1,400 an ounce, based upon the continued fear of risk that is gripping stock markets worldwide. Mr. Gan who is known for his accurate forecasts of precious metal prices, is now calling gold the superhero of 2016.

 

 Gold is hot – just take a look at Figure 1.

chart 1 Figure 1.

It certainly appears to me that Gold has entered a bullish phase with little resistance before the $1,400 price level. As is usually the case with gold, I expect it to move in fits and starts, with frequent waiting periods before the next sharp move.

 

Nonetheless, the precious metal is the best performer in 2016 so far among all commodities, and joins Treasury bonds and the Japanese yen as strong investments running counter to global stock markets. Gold is up about 16 percent so far in 2016, and I know a lot of our customers are very pleased. One reason is that investors understand the risks out there, including a weak China (and its weak currency), a glut of oil that inhibits new investment, sputtering economies and the likelihood that the Federal Reserve will not raise interest rates this year. With interest rates so low, most bonds are poor competition for gold, and it looks like it will stay that way throughout 2016.

According to Gan: “Gold is performing largely as a safe-haven asset given the equity doldrums and overall risk aversion. Should risk aversion dominate amid intensified global growth headwinds, gold may well rally to $1,400.”

We know that gold last hit that target in 2013, but we see no reason for gold not to continue higher still and eventually take out its all-time high.

Mr. Gan is by no means the only respected gold bull out there. Check out John Bougearel, Founder and Principal of Structural Logic and a Chartered Market Technician of the Market Technician's Association. John sees the current bull campaign for gold continuing for the next several years and suggests pyramiding your gold holdings accordingly.

If you haven’t climbed aboard the gold bandwagon yet, it’s not too late. With plenty of upside potential, it’s a great time to add gold to your Augusta Self-Directed IRA and enjoy capital appreciation and a nice tax deduction. Contact us today!

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