JP Morgan’s Head of currencies, commodities, and EM research, Luis Oganes, expressed his take on gold prices in the coming years.
“Not surprised if gold surpasses the $1,700/oz target set for next year.
Bullishness is related to the fact that US' expansionary phase is in the late cycle.
Gold has historically rallied even after business cycle starts to turn.
And also rallied even if the US economy starts to fall into recession.
Dollar strength is temporary.
At some point, we'll see a catch-up recovery in Europe and Japan.
The dollar will start moderating and a weakening dollar will support metal prices.”
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