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Gold, silver drift sideways; Boele, Mobius see solid future for the yellow metal

(USAGOLD – 11-15-2019) –  Gold drifted sideways this morning as the trade war pendulum, at least for now, seems to have swung back to the positive (after swinging to the negative yesterday). Gold is down $2 at $1467.  Silver is down 8¢ at $16.91.  On the week, gold managed to eke out a .5% gain.  Silver is up .8%.

ABN Amro’s Georgette Boele is circumspect about gold’s near term prospects but sees good things farther out as 2020 unfolds, according to a report from Kitco’s Anna Golubova. “ABN Amro’s 2020 gold forecast,” she writes, “sees gold starting next year at $1,450, then heading to $1,500 in Q2, followed by a rise to $1,550 by the end of Q3, and then $1,600 by the end of Q4.”  Boele says that the bank is “optimistic for gold prices” in 2020, but waiting for a correction to jump in.

Taking a longer-term view, Mark Mobius (Mobius Capital Partners) says gold will double over the next ten years, according to a report posted at Newsmax. “I am bullish on gold,”  says the widely-followed investment analyst. “I am not saying that gold is not going to go down because it is going to fluctuate, but people should have at least 10 percent of their portfolio in physical gold.”

Quote of the Day
“An ounce of gold cost $271 in 2001. Ten years later it reached $1,896—an increase of almost 700 percent. On the way, it passed through some of the stormiest periods of recent history, when banks collapsed and currencies shivered. The gold price fed on these calamities. In a way, it came to stand for them: it was the re-discovered idol at a time when other gods were falling in a heap of subprime mortgages and credit default swaps and derivative products too complicated to even understand. Against these, gold shone with the placid certainty of received tradition. Honored through the ages, the standard of wealth, the original money, the safe haven. The value of gold was axiomatic. This view depends on a concept of gold as unchanging and unchanged—nature’s hard asset.” – Matthew Hart, Vanity Fair

Chart of the Day

Chart of monetary eras - gold standard and fiat money

Chart note: We have had quite a few new visitors over the past few weeks who are looking into gold for the first time, and this chart more than any other, we feel, is central to understanding why gold continues to make sense as a long-term portfolio holding. When the United States abandoned the gold standard in 1971 and freed currencies to float against one another, the fiat money era began. We are still in that era today. This chart shows the performance of gold from the early 1900s to 1971 when gold backed the dollar, and the era from 1971 to present when it did not. Gold has had its ups and downs since 1971, but clearly, over the long run, in the absence of an official gold standard, individual investors have been well-served by putting themselves on a private gold standard.



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Live London Gold News Wire
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