Gold: ready to shine even brighter?
2019 was a big year in Precious Metals (PMs). After two years of declining prices following the 2016 peak, a floor was reached around $1180 in August 2018 and the bull market ensued in line with our anticipations outlined in January 2019.[1] The summer saw a gain of over $200 per ounce for gold, followed by a period of consolidation until Christmas, when the threat of international conflict drove prices up again. New highs were reached against many currencies[2] and a number of short-term spikes coincided with periods of international conflict or uncertainty. While the news media has splashed ‘stocks at all-time highs’ across the headlines, they have been generally quiet on this issue. However, even they were forced to begin taking note as prices began to set new six-year highs in nearly all major currencies.[3] Strong buying pressure on many fronts has supported these prices after each step up, providing significant support levels going forward. Diving into the detail now, we will help investors assess the potential for further gains and position themselves ready for the next major breakout.
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