The former director of the US Mint has lent his voice to calls for higher gold prices across the next 12 months thanks to strong support from a range of fundamentals. Ed Moy, who is now a chief investment strategist, says he is confident that gold will record new prices highs, with his bullish sentiment rooted in the uncertainty of the economic recovery and continuing lingering impact of the COVID-19 crisis on fiscal policy.
He said, “Obviously, short term, there’s a lot of factors that are causing some push and pull, which has kept gold trading within a very tight range. But from my perspective, I think the fundamentals for rising gold prices are very strong over the next year. I expect gold prices to eventually break out and head to new records sometime in the next year or two.
“The same things were happening when COVID-19 first started breaking out. Lockdowns started coming into place, people panicked, they went into gold. Gold actually shot up to a new high, and the government … [is] basically throwing more at it than what happened during the financial crisis. Plus, with the vaccine, people started relaxing. Eventually, you’re going to see that be a catalyst for rising gold prices. I think that until it becomes certain how the economy will recover and that the recovery will be slow enough to manage inflation, gold prices are going to go up…and I won’t be surprised if we hit new highs.”
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