Banks raise gold forecasts
A new record high in the price of the precious metal is currently no longer ruled out. In terms of charts, important marks have already been passed, both in euros and US dollars. This has also pushed up the price of its brother metal silver.
Goldman Sachs, the global investment banking firm, expects the price of gold to reach USD 1,950 per troy ounce in the second quarter of 2020. An important point for the further price development is the spread of the corona virus. The experts at Citigroup go a little further. In their opinion, the 2,000-euro mark could be broken in the next twelve to 24 months. That would be a new all-time high. The dangers of a recession in the USA are also cited as an argument for this.
The major Swiss bank UBS had already recently assumed USD 1,650 as the price of an ounce of gold. The main argument cited is the low interest rates. The Danish Saxo Bank Group was more cautious, had expected price setbacks, but this has already been overtaken. At the moment the gold price only knows the way up.
Those who love gold coins can take a look at the 100 Euro gold coins of the Federal Republic of Germany or those who have a little more courage should bet on gold and silver stocks. For example, in the silver sector, Discovery Metals or in the gold sector, Gold Terra Resource (recently known as TerraX Minerals).
Discovery Metals, active in historic mining districts in Mexico, has a prospective property in Chihuahua with its flagship Cordero project: https://www.commodity-tv.com/play/discovery-metals-well-financed-for-development-further-exploration-at-cordero/. This extends over 35,000 hectares and has now scored again with very good drilling results.
Gold Terra Resource - https://www.commodity-tv.com/play/terrax-minerals-adding-value-by-more-drilling-and-increasing-existing-resource/ - is working on its Yellowknife City Gold Project (790 square kilometres) where the Con and Giant mines previously produced approximately 14 million ounces of gold.
Latest corporate news and press releases from Discovery Metals (https://www.resource-capital.ch/en/companies/discovery-metals-corp/) and Gold Terra Resource (https://www.resource-capital.ch/en/companies/gold-terra-resource-corp/).
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