Gold is on the move | Kitco News – Kitco NEWS

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Signup(Kitco News) – After five long months, the moment gold investors have been waiting for has arrived, if only for a brief session.

In another important milestone for the gold market, the price this week managed to push above $1,900 an ounce. The precious metal is close to turning positive on the year; the magic number to keep an eye on is $1,918 an ounce.

Not only has gold prices pushed to $1,900 an ounce, but the precious metal is seeing its best monthly gains since July. Gold is up more than $130 an ounce as we head into June next week.

The question now is, does the market have enough in the tank to get above $2,000 as bullish calls begin to ring out in the marketplace again. According to many analysts, gold’s rally is just getting started as the inflation threat grows.

Thursday, European asset management firm Incrementum AG released its annual In Gold We Trust report. If you don’t have time to read the 300-page report, don’t worry. The bottom line is that they see inflation as just getting started. Price pressures are rising, and we haven’t even seen money supply velocity kick in yet.

As inflation picks up, Incrementum sees a path for gold to hit $10,000 within the decade. However, for this year, the firm is calling for gold prices to hit new all-time highs above $2,000 by December.

They aren’t the only ones seeing five-digit gold in the future. Guggenheim’s CIO Scott Minerd said that he sees gold prices between $5,000-$10,000 an ounce as money continues to leave the cryptocurrency market.

Lee Munson, president and chief investment officer at Portfolio Wealth Advisors, told Kitco’s Anna Golubova that he sees gold prices going to $2,200 an ounce during this new cycle of money printing.

“I don’t buy gold for a crisis. I buy it because when there’s a crisis, and I think the central banks are going to print money like there’s no tomorrow, that’s the time when I want to have a larger holding of gold,” he said.

Another big name in the gold market, Peter Grosskopf, CEO of Sprott Inc., said that the math for higher gold prices is pretty clear. He added that he is also expecting to see record highs in gold by the end of the year.

Not only is the gold market seeing renewed investor interest, but the competition with bitcoin and cryptocurrencies is dying down. For now, it seems like there is a place for these two assets to coexist in a portfolio.

Kevin O’Leary, chairman of O’Shares ETFs and star of Shark Tank, says he is very bullish on bitcoin, but he is also keeping a 5% allocation in gold.

That is it for this week. Last week, Canadians celebrated the unofficial start of summer with their May long weekend, and we hope our American neighbors enjoy their three-day Memorial Day holiday.

Have a great weekend.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.