Saxo Bank remains bullish on gold, suggesting now is the moment to buy before the precious metal once again flies past its all-time price high. Gold is currently trading 5% lower than it was at the turn of the year; this creates an incredible opportunity to buy, with Saxo Bank analysts confirming that the factors are aligning to push the yellow metal higher any day.
The bank’s experts foresee a commodity bull market on the near horizon – something that hasn’t happened in a quarter of a millennium – which will see gold well supported at higher prices.
The head of commodity strategy at the Danish bank, Ole Hansen said gold is heading for the upside. Making a strong case to invest now, he said, “We maintain a constructive view on the sector with rising yields being primarily the result of a gold-supportive rise in inflation expectations; this will leave real yields, a key driver for gold, well into negative territory. Together with accommodative central bank policies and renewed dollar weakness, the path of least resistance remains to the upside.”