From the CS morning email (I do not have the underlying report) * * * * * WE UP THE ANTE ON GOLD PRICE FORECAST, RAISING OUR 2021 GOLD PRICE TO US$2,500/oz (~30% ABOVE CURRENT) … AND 2022 GOLD PRICE TO US$2,200 (~13% ABOVE CURRENT); MAIN REASONS INCLUDE (1) OUR EXPECTATION THAT US TIPS WILL MOVE LOWER AND THE $US WILL WEAKEN FROM CURRENT LEVELS, BOTH SUPPORTIVE OF GOLD PRICES, (2) WE ALSO SEE POTENTIAL FOR INCREASED INFLATION, NOTING GOLD’S PROPERTIES AS AN INFLATION HEDGE SHOULD ALSO PROVIDE PRICE SUPPORT, & (3) RECOVERY IN JEWELLERY & CENTRAL BANK DEMAND … THE RESULT IS THAT WE GO “ALL IN” ON GOLD STOCKS … THE MESSAGE IS CLEAR – WHILE WE HAVE BEEN BULLISH GOLD FOR A WHILE NOW, THE MACRO PICTURE HAS STRENGTHENED OUR VIEW ON GOLD THIS NEXT COUPLE OF YEARS AT LEAST; GIVEN THIS, WE THINK IT’S TIME TO THINK ABOUT UPPING GOLD EXPOSURE IN YOUR PORTFOLIO AS WE HEAD INTO AN UNCERTAIN POST COVID (POST STIMULUS) WORLD WHERE THE ECONOMIC RAMIFICATIONS ($US, TIPS YIELD) PLAY OUT IN FAVOUR OF GOLD
GOR Price at posting:
$1.58 Sentiment: Buy Disclosure: Held
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