Get ready for a record-breaking rally in global gold prices.
The price of the yellow metal is fast approaching its all-time high when measured in dollars and will also do the same in other currencies, according to a recent research report.
“Gold will make a new all-time high in all currencies this cycle,” states a recent report from New York-based financial firm Wolfe Research. When measured in some currencies, such as euros and Canadian dollars the gold price records have already been smashed during this cycle, the report states.
Record Level Getting Closer
Meanwhile, in the U.S. prices for bullion are getting close to a record level in dollar terms. The metal would recently fetch around $1,677 at troy ounce, up 9.6% so far this year, according to data from Yahoo.
Another rally of 13% or so and the dollar price will surpass its all-time dollar high of $1,900 reached nine years ago in 2011.
Much of the time a rally in gold is a reflection of a weak US dollar compared to other major currencies such as the British pound, the euro and the Japanese yen. Or put simply, generally a weak dollar and rallying gold markets go hand in glove.
Not this time. Now Wolfe Research sees gold prices breaking records no matter what currency you choose to measure the price of an ounce of the metal, whether that be British pounds, Swiss Francs, Mexican pesos or Chinese yuan.
Wolfe Not Alone
Wolfe isn’t the only Wall Street firm to see a bullish future for the metal. Technical analysis firm AllStarCharts sees the price climbing higher.
As long as the dollar price of the metal remains above the range of $1560-1600 then it should continue to move higher, states a recent report from AllStarCharts. That level is currently substantially below the recent price of $1,677 so the story is still bullish.
As always investors need to be mindful that some rallies take time and inevitably there will be pullbacks.
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