Apr 12, 2020

Gold may soon soar to a record $2,000 says analyst: we ‘borrowed from the future, and there is not enough economy to pay it down’

Posted by in categories: biotech/medical, economics, finance

The precious metal has been torn between its potential as a haven investment and a mad scramble to sell the tangible asset in a bid for cash to cover losses in the stock market.

“The Covid-19 outbreak has had a major impact on the gold market, bringing massive price swings as investors react to new developments related to the pandemic,” says Steven Dunn, head of exchange-traded funds at Aberdeen Standard Investments.

“Because of Covid-19, refiners were knocked offline…and the ability to move gold became a challenge as normal means of transport became almost impossible,” he says.

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