In his October price outlook, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone noted that gold price is likely to climb back towards last year’s lifetime highs above $2050.
Key quotes (via Kitco.com)
“It’s only been about a year since gold’s last peak, and we believe it should be a relatively short matter of time to revisit.”
“Gold has outperformed most major commodities in the past 20 years.”
“Gold, like Treasury prices, has an enduring bull market in its favor, and a correction within that trend improves its relative value.”
“Gold appears too cold approaching the start of 4Q … Risks tilt toward a continuation of September’s stock-market volatility, which should favor gold in 4Q.”
“The metal’s nemesis — the U.S. stock market — hasn’t had a meaningful pullback since the 2020 low. If equities are entering a more sustained wobbling period, we see gold, Treasury bonds and Bitcoin as top contenders for outperformance.”
“It’s a question of whether gold has reached a level of maximum disdain, which is probably close.”