Gold is unstoppable. The precious metal has exceeded $ 2,000 an ounce on Tuesday, levels that have never been seen in history. Only so far this year more than 30% has appreciated.
It has exceeded the best of the experts' forecasts. Those of RBC Capital Markets at the end of June estimated that in the best of scenarios would touch $ 2,000 at the end of the year, a level that has been left behind this Tuesday.
The increase in coronavirus cases around the world is causing fear to increase among investors, who are taking refuge in gold.
This Tuesday it is advanced about 2%, to such an extent that it has gone from starting the day around $ 1,980 per ounce to exceed at this time on Tuesday $ 2,014.
The value is at its best technically speaking. When it exceeded $ 1,920.8, it entered absolute free rise, explains José María Rodríguez, technical analyst at ForexNews.online. But what explains these increases?
The massive issuance of government debt, bought by the various central banks, is one of the main reasons for the sharp rise in gold, in addition to the uncertainty of what appears to be a second wave of Covid-19. "AND in the face of uncertainty there is nothing like gold"says Rodríguez.
Low Treasury Yields They also explain that gold is, once again, investors' favorite refuge, according to Edward Moya, analyst at OANDA.
There is unanimity among analysts, the rush that gold is experiencing seems to have come to stay. Bank of America Global Research experts forecast that bullion will increase by 50% in the next 18 months. An increase from which other precious metals will benefit.