Kitco News talks with some of the most influential gold market analysts, economists, investors and mining CEOS to get their take on the industry and financial markets and the global economy
Gold might breach the key psychological level of $1,300 by year-end after all, as a corrective move in the surging cryptocurrency market could bring some attention back to the yellow metal, according to the chief economist at ABC Bullion.
“As it stands right now, gold could see the $1,300 mark or just above by year-end,” Jordan Eliseo told Kitco News.
The price correction that bitcoin is seeing right now might have an impact on gold and serve as a new catalyst for an upward move.
“More volatility in the cryptocurrency space might push a little more money towards gold,” Eliseo said. “Bitcoin has been, for lack of a better description, stealing a bit of gold’s thunder over the last couple of months. If bitcoin prices begin to correct meaningfully, this might give gold a boost.”