ANZ says gold could breach US$1,700/oz as central banks expected to keep buying

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S&PGlobal/Anthony Barich

“Modeling by Australia’s ANZ Research suggested gold could breach US$1,700 per ounce within six months, while London broker Bernstein is seeing the ‘remonetization of gold’ and the ‘weaponization’ of the U.S. dollar, which will ensure that central bank buying will continue for some time.”

USAGOLD note: We remain skeptical of the gold remonetization argument due to the complexities involved – particularly in the age of multiple trade wars.  However, we do believe that central banks will continue to add metal to their holdings as a hedge.

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Repost from 10-29-2019