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If you consider gold will go up or down in 2018, think once more, says this UBS strategist, who reversed her bullish gold position to impartial.
There is no near-term means that is influential enough to move gold prices appreciably higher or lower, according to UBS strategist Joni Teves, who projects that the metal will average $1,285 next year.
“Next to this backdrop, it becomes firm to give good reason for a strong rally in gold prices. Yet, we don’t think there is a powerful reason for a sell-off either. Our assessment of the worldwide macro scenery is in its place more consistent with gold costs that are likely to be well-supported, yet capped at the same time,” Teves said in a note publish.
“Against this backdrop, it becomes difficult to justify a strong rally in gold prices. Yet, we don’t think there is a compelling reason for a sell-off either. Our assessment of the worldwide macro landscape is in its place more reliable with Gold Updates that are likely to be well-supported, yet capped at the same time,” Teves said in a note published on Thursday.
At the same time, Teves highlighted that gold remains a major benefit for investors who are look to expand and use the valuable metal as a hedge against risks.
“Enlargement dynamics are improving, and, although the impetus this year is improbable to be simulated in 2018, growth is likely to remain steady,” Teves said.
Some of the main drivers for gold are also changing. The strategist pointed out that the U.S. dollar is predictable to surge next to the Japanese yen in 2018, but to fall beside the euro. On top of that, the geopolitical risk is also look to be less severe in 2018, according to Teves.
But, don’t wait for investors to be advertising their gold assets next year.
“In our vision, the market doesn't actually have enough froth to require and trigger a significant sell-off, not least one that's evocative of 2013,” Teves said. “In general gold positions stay lean. Our analysis suggests that investors' contact to gold has not greater than before radically over the past couple of existence despite gold's gentle recovery from the end-2015 lows.”
So far this year, gold is up around 12%, with December Comex gold last seen trade at $1,276.50, up 0.18% on the day.
There is no near-term means that is influential enough to move gold prices appreciably higher or lower, according to UBS strategist Joni Teves, who projects that the metal will average $1,285 next year.
“Next to this backdrop, it becomes firm to give good reason for a strong rally in gold prices. Yet, we don’t think there is a powerful reason for a sell-off either. Our assessment of the worldwide macro scenery is in its place more consistent with gold costs that are likely to be well-supported, yet capped at the same time,” Teves said in a note publish.
“Against this backdrop, it becomes difficult to justify a strong rally in gold prices. Yet, we don’t think there is a compelling reason for a sell-off either. Our assessment of the worldwide macro landscape is in its place more reliable with Gold Updates that are likely to be well-supported, yet capped at the same time,” Teves said in a note published on Thursday.
At the same time, Teves highlighted that gold remains a major benefit for investors who are look to expand and use the valuable metal as a hedge against risks.
“Enlargement dynamics are improving, and, although the impetus this year is improbable to be simulated in 2018, growth is likely to remain steady,” Teves said.
Some of the main drivers for gold are also changing. The strategist pointed out that the U.S. dollar is predictable to surge next to the Japanese yen in 2018, but to fall beside the euro. On top of that, the geopolitical risk is also look to be less severe in 2018, according to Teves.
But, don’t wait for investors to be advertising their gold assets next year.
“In our vision, the market doesn't actually have enough froth to require and trigger a significant sell-off, not least one that's evocative of 2013,” Teves said. “In general gold positions stay lean. Our analysis suggests that investors' contact to gold has not greater than before radically over the past couple of existence despite gold's gentle recovery from the end-2015 lows.”
So far this year, gold is up around 12%, with December Comex gold last seen trade at $1,276.50, up 0.18% on the day.