Gold prices could see higher highs.
Last trading at $2,562, gold could easily test $2,700 this year, and possibly $3,000 by next year, according to analysts at Citi. Not only is the potential for interest rate cuts driving gold higher, but so is uncertainty with nearing elections and heightened tensions in the Middle East
In addition, as noted by CBS News, “One of the most significant drivers of gold’s price surge has been the aggressive purchasing by central banks worldwide. This trend shows no signs of slowing down, either, as many countries seek to diversify their reserves away from traditional currencies. The sustained demand from these institutional buyers provides a solid foundation for continued price appreciation and is likely to play a role in gold’s price trajectory over the next month.”
One way to trade further upside in gold prices is with Newmont (NEM).