“Gold is technically broken from a consolidation pattern that gives signals further profit. The weight of investors’ demand forces the prices higher – Nobody Discount in Gold, everyone buys,” said Barratt in an interview with ET Now.
Gold front views
Gold is currently being traded near $ 3,640 – $ 3,670 and Barratt believes that the psychological level of $ 3,600 will act as a floor for the metal. “It is difficult to set exact goals on record highs, but the market momentum suggests that gold can stay higher despite a stronger US dollar,” he noticed.
Silver prospects
While gold remains the top performer, Barratt expects silver to yield a stronger percentage profit in the long term. He emphasized that silver could go to $ 50 per ounce, a level that is last seen in 2011. “Many underestimate the potential of silver. Industrial demand of electric vehicles, solar panels and the push from China to a green economy will be important drivers. The US also considering silver as a rare earth, he said.
Copper
In addition to precious metals, copper has also demonstrated strength, with a year-to-date profit of around 12%. Barratt sees further upwards, supported by expectations of American speed reductions and possible stimulus measures from China.
“Buyer is still relatively cheap, around $ 4.60 per pound. If China revives his production sector and American policy, we could see a different prizes,” he added.
Market sentiment
Brokers remain bullish on both gold and silver while investors continue to cover themselves against global uncertainties, trade tensions and the shifting of economic policy. Analysts expect that the demand will remain firm on their way to the year, with silver positioned to surpass gold in percentage terms over the longer horizon.
(Disclaimer: recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)
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