Gold Is In Early Days Of A New Bull Market

Meantime, the average gold price estimates for 2022 has been raised from $1,550 per Oz to $1,650 per Oz, the company research note.

SEATTLE (Scrap Monster): Vancouver, B.C.-headquartered Haywood Securities published its latest gold price forecast. The investment firm says that the yellow metal is in its early days of a new bull market.

The gold price forecast for the second half of 2020 has been raised from $1,650 per Oz before to $1,850 per Oz. It expects gold prices to average around $1,700 per Oz in 2021. This compares with its earlier forecast of $1,600 per Oz. Meantime, the average gold price estimates for 2022 has been raised from $1,550 per Oz to $1,650 per Oz, the company research note.

According to Haywood, the gold market valuations continue to remain modest.  However, they are likely to witness improvement in the near term. The new bull market for gold could even push the prices to as high as $1,923 per Oz, which is the old 2011 high for it, this year itself. The increased economic uncertainty on account of coronavirus pandemic and concerns about longer term inflation are likely to lend support to safe- haven investment appeal of gold.

The investment firm’s top picks from among mid-cap to junior gold producers are B2Gold, Equinox Gold, K92 Mining and Roxgold. Meantime, Liberty Gold and Osisko Mining are the picks from the exploration and development-stage companies.

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