Medium Term Outlook on Gold Remains Positive
To round out the 4th week in 2018 for precious metals, gold outlook remains upbeat, and will eventually see $1,400 in 2018.
Other precious metals including silver and copper remain in demand but copper will see shortages in 2018.
- Gold outlook remains upbeat
- Silver also made gains this week
- There will be shortages in copper because of current issues
Butler told Reuters, “our medium-term outlook remains constructive on gold and we could well see gold at $1,400 this year if the dollar and real rate environment remains favourable.”
Silver also made gains this week, and was trading at $17.37 per ounce on Friday but Reuters notes that silver touched its highest price in more than four months at $17.69 on Thursday (January 25). It was actually this week’s best-performing precious metal, climbing 2.8 percent from Friday’s close.
Rounding out the week in metals is copper, which was once again down slightly for the week, trading at $3.19 per pound as of 9:09 a.m. EST on Friday. While copper rallied earlier in the year due to enthusiasm for the electric vehicle revolution, it has been unable to keep the momentum.
According to a Reuters poll, supply problems, including strikes at copper mines and pollution shutdowns at aluminum smelters, will spur deeper shortages of the metals this year, but weaker Chinese demand may weigh on overcooked prices.
Original Source: https://investingnews.com/daily/resource-investing/precious-metals-investing/weekly-round-up-gold-price-sixth-gain/