CNBC: 'New Bullish Phase'? As Gold Hits Another High, Analysts Say More Records Are in Sight
Article by Lee Ying Shan in CNBC
Gold is in a “new bullish phase” after prices notched another record high, said asset management firm Sprott Asset Management, echoing other analysts who have predicted that the bullion will continue to scale new heights.
“Gold has entered a new bullish phase, driven by factors like central bank buying, rising U.S. debt and a potential peak in the U.S. dollar,” Paul Wong, market strategist at Sprott Asset Management, wrote in a note, after the price of the yellow metal advanced to a fresh record of $2,700 per ounce on Monday.
“Rising U.S. debt-to-GDP ratios have historically led to higher gold prices due to concerns over the sustainability of debt, currency devaluation and .....