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Of all the metals on Earth, gold shines the brightest when it comes to holding its value and being a vehicle for building and preserving wealth. In fact, the gold price has risen by as much as 700 percent in the last 20 twenty years. Despite that impressive increase, many investors are still wondering, “When will gold go up?” The precious metal is a safe haven asset that performs well in tumultuous times, and there have been plenty of global crisis events in the past few years most recently the socioeconomic fallout from the COVID-19 pandemic.
What Happened To Gold In Q1? Which Gold Stocks To Watch In 2021? ....
Catch up and get informed with this week’s content highlights from Charlotte McLeod, our editorial director. Gold spent time around US$1,845 per ounce this week, supported by concerns about inflation. Those worries came after the release of Consumer Price Index data. According to the US Department of Labor, the index, which tracks a basket of goods, as well as energy and housing costs, rose 4.2 percent year-on-year in April, marking its fastest pace in 12 years. A weaker US dollar also helped gold. Experts remain optimistic about gold’s future prospects, and I recently spoke with Ed Moy of Valaurum, who believes it should reach the US$2,000 to US$2,100 level by the end of the year. Why? His perspective is that when premiums are taken into account, buyers are already paying that much for gold. ....
Supported by a declining US dollar, gold maintained the gains it made at the beginning of May to sit above US$1,800 per ounce this week. Gold maintained gains made at the beginning of May to sit above US$1,800 per ounce this week. A drop in the US dollar pushed the yellow metal to the US$1,840 range before concerns over rising inflation and a potential interest rate increase muted gains. Despite performing flatly this week, gold has climbed 6.6 percent since March 1, when it was trading for US$1,724.80. It remains down from where it began the new year. Looking to the future, Ed Moy, chief market strategist at Valaurum, believes this year gold could rise as much as 14 percent to reach the US$2,000 to US$2,100 range. ....
Ed Moy, chief market strategist at Valaurum, pointed out that with premiums people are already paying US$2,000 to US$2,100 for an ounce of gold. The gold price is back above the US$1,800 per ounce mark, but many market watchers are still waiting to see if it will return to the heights it reached last summer. Speaking to the Investing News Network, Ed Moy, chief market strategist at Valaurum, said he expects the yellow metal to end up somewhere between US$2,000 and US$2,100 by the end of the year. Moy, who was director of the US Mint from 2006 to 2011, explained that there’s a big disconnect right now between the price of gold and demand for physical gold. ....
A global shortage of physical gold and silver products has created a premium on coins and bars, and this premium is causing a disconnect between the spot price and the “true” price that retail investors need to pay, said Ed Moy, former director of the U.S. Mint. Moy, who was the director of the U.S. Mint between 2006 and 2011, cites the inability of the mints around the world to keep up with physical coin and bar demand as a reason for this shortage. “Not only the U.S. Mint, but other Mints around the world, Australia’s Perth Mint, the Mexican Mint, have all run out of gold, they can’t keep it in spot and there’s so many shortages retailers are having problems accessing that gold,” Moy told Michelle Makori, Kitco’s editor-in-chief. ....