Gold prices have been on fire this week and are now on course to hit a new all-time high within the first few days of December. The precious metals strategist Nicky Shiels of MKS Pamp says a new record will be created in around 10 days’ time – meaning there is little time to waste.
Sheils says that gold prices are currently gaining around £6 ($8) per day, with £69 ($88) added within the last 11 days. She says, “If it [gold] keeps up that rate, that gets prices to £1,653 ($2,100) in 10 days. That seems pretty soon, but markets have proven to trend until they don’t, and the path of least resistance is up, not down.
“Gold is a pre-emptive tool to sniff out a Fed rate cutting cycle. And together with a nice tailwind of a very defensive US$ and lower real yields, prices have no reason to sell off.”
This comes on the back of gold prices hitting a six-month peak during trading yesterday (Tuesday). Driven by a receding U.S. dollar index and growing expectations of rate cuts in the New Year, the yellow metal hit £1,612 ($2,052) before mid-day.
With the rally far from over and an all-time high on the horizon, you can’t afford to wait a minute longer. Move fast. Buy gold now.
