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"I
think we will easily break $2000 per ounce within a year. The way to
think of the gold price is to think of it as a currency against which
other currencies depreciate," Irakli Menabde, M2 precious Metals told
CNBC Monday.
Although the future of gold as a safe haven remains secure at least in the short term,
the ability for it to retain record highs consistently rests on a
number of wider macro-economic factors as well as being more attractive
than other currencies and bonds.
"When
we look at currencies, the Swiss franc has the safe haven status
because of its past links with gold. It's assumed safe haven status
because it was one of the last currencies to get off the gold standard.
"The
money that has been going into the Swiss franc and coming out of it now
will likely find its place in the gold market," he added.
Menabde
said despite the rapid rise of gold in recent weeks – it hit $1813.79
last Thursday -value remains in the commodity which has yet to see its
peak.
"Gold's
greatest strength is that it has no default process, no liability. When
I hear the word bubble around gold I would argue that it is as
undervalued as it was in 2001 and what we are experiencing here is just a
re-rating of gold....The problem is we have run out of capital and the
system is bankrupt, we are at a monetary juncture.
We are likely to see very high inflation
rates in the future and perversely gold could go
even higher if we go into a default situation," Ben Davies, CEO at Hinde
Capital told CNBC Monday.
My technical analysis 17/08 :
GOLD
Support: 1760.00, 1755.00, 1742.00, 1735.00, 1720.00
Resistance: 1770.00, 1779.00, 1785.00, 1800.00, 1815.00
(silver xsempat nk analyze,,sorry,,tp rasanya remains between 39-40.05 USD/oz )
My technical analysis 17/08 :
GOLD
Support: 1760.00, 1755.00, 1742.00, 1735.00, 1720.00
Resistance: 1770.00, 1779.00, 1785.00, 1800.00, 1815.00
(silver xsempat nk analyze,,sorry,,tp rasanya remains between 39-40.05 USD/oz )
