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RBC's Gero Sees Gold Hitting $1,400 By End Of 2018
Tuesday, 2 January 2018 11:39 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold prices should see a steady rise in 2018 as inflation picks up and competition from equity markets slows down, according to George Gero, managing director at RBC Wealth Management.

In an interview with Kitco News, Gero said that he sees gold prices rising to $1,400 by the end of 2018. His comments come as gold has found renewed momentum during the final weeks of the year in what has been a relatively quiet holiday trading period.

Gero said that he is not surprised with gold™s year-end push as it is in line with his unofficial survey conducted during the International Precious Metals Institute (IPMI) conference in late-June. He shared his results with Kitco News, noting that the most bullish outlook was for prices to end the year at $1,950 an ounce, while the most bearish vote was for gold prices to fall to $1,010. The average of the survey was for prices to end 2017 between $1,315 an ounce and $1,325 an ounce.

Looking ahead, Gero said that it is difficult to determine if gold will hold these holiday gains when traders come back in full force in the new year; however, he added that growing concerns over record valuations in equities will keep a steady bid in gold.

œThe biggest competition for gold in the new year will be equities, he said. œBut I™m not sure you are going to continue to see record equity markets next year and with gold prices over $1,300 asset allocators will be more interested in diversifying back into the metal.

Another important factor for gold next year will be bond yields, added Gero, but noting that he sees limited impact in the long-term.

œThe Federal Reserve has been following the bond market not leading it, he said. œIf the yield curve continues to flatten the Federal Reserve not be aggressive as they expect in 2018. That will keep bond yields in check.

While gold is seeing its best bull run since 2010, the yield curve, the spread between 10-year bond yields and two-year bond yields, is ending 2017 near multi-year lows. A low yield curve is positive for gold as a non-yielding asset.

With inflation expected to rise, the question Gero said that investors need to ask themselves is if real interest rates push higher or remain at current low levels.

œI think you are going to see gold push steadily higher in 2018, echoing a natural rise in inflation, he said.

Source: Kitco News

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POPULAR NEWS
Gold prices settle higher to cut their loss for the week

Gold prices settled higher Friday, cutting their loss for the week down to roughly 0.1%, with the market wary of a potential U.S. government shutdown this weekend. The weekly decline for the yellow metal, however, followed five weeks of gains in a row. February gold rose $5.90, or 0.4%, to settle at $1,333.10 an ounce. U.S. economic data released Friday was downbeat, with consumer sentiment for January falling to a six-month low. Gold saw a temporary boost in the data™s wake, briefly...

Dollar marks fifth weekly loss in a row

The U.S. dollar pared earlier losses on Friday, but notched a fifth weekly loss, as investor concerns over a potential government shutdown. The ICE U.S. Dollar Index which measures the buck against a basket of six rivals, was last at 90.593, up 0.1%, having erased its losses after trading around the lowest level in three years earlier in the session. On the week, the ICE index slipped 0.4%, making it its fifth week of losses in a row. The broader WSJ Dollar Index was little changed at 84.42,...

Dollar Slides Back to 3-Year Low on Fears of Government Shutdown

The dollar fell anew on Friday, as concerns over a potential government shutdown outweighed a rally in U.S. Treasury yields, which usually is supportive for the greenback. The ICE U.S. Dollar Index, which measures the buck against a basket of six rivals, fell 0.3% to 90.243, trading around the lowest level in three years. The broader WSJ Dollar Index fell 0.3% to 84.18. The euro rose to $1.2271 from $1.2239 late Thursday in New York. The shared currency is on track for a 0.6% weekly jump...

Asian Stocks Set for Sixth Weekly Gain as Japanese Stocks Climb

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Apple to Build 2nd Campus, Hire 20,000 in $350B Pledge

Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. economy. The pledge announced Wednesday is an offshoot from the sweeping overhaul of the U.S. tax code championed by President Donald Trump and approved by Congress last month. Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash being held overseas. Apple plans to take advantage of that...

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