After Britain’s decision to leave the European Union, the financial institutions across the board have forecasted a surge in the prices of Gold. This forecast is actually pushing the bullish market trend higher and higher pushing both Gold and Silver prices over the top.
Various banks have various predictions: HSBC is forecasting the price of Gold to get up to $1400 per troy ounce; ABN is forecasting the price of Gold to get up to $1425 per troy ounce in the near future; and Credit Suisse is forecasting the price of Gold to get up to $1500 in 2017 etc.
The world in general and the financial markets in particular are going through a lot of economic and social uncertainties and the coming US elections are only making the situation more volatile. Even Kitco’s survey results point in the same direction. On the Main Street, almost 64% of the traders voted in the favor of bullish market.
According to some experts in the market, the market has already absorbed and reaped in the profit that it saw from the job increase over the last few weeks. So, the only direction that the market is going to go in is higher.
So as of present the Gold and the Gold market is only bullish and is going stronger than ever!!