Gold heads for $2400/oz in 2022

DESPITE briefly falling back below $1900 at midweek, the gold price recovered to finish higher.
Gold heads for $2400/oz in 2022 Gold heads for $2400/oz in 2022 Gold heads for $2400/oz in 2022 Gold heads for $2400/oz in 2022 Gold heads for $2400/oz in 2022

Martin Roberge

Comex gold dropped to as low as $1892.70 an ounce, but rebounded to as high as $1913.20/oz. Futures last traded at $1912.90/oz.
 
Canaccord Genuity strategist Martin Roberge said there was still a case for gold reaching $2200-2400/oz next year, despite the correction from above $2000/oz.
 
"This breather is needed to moderate overbought conditions created by strong year-to-date gains," he said.
 
"Indeed, the bullion tends to post strong positive returns in the third quarter, before taking a breather in October.
 
"As such, we see recent choppiness as an opportunity for investors to raise their exposure in gold(s) before we expect seasonality to turn positive from November to January. It is likely over this time window that gold indexes could migrate into a higher price range."
 
At midweek, spot gold was trading at $1908.72/oz. Base metals were higher, except for lead, which fell 1.3%.

 

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