GOLD HIGHEST SINCE 2011 AS SECOND-WAVE FEARS
The price of gold today hit $1,789.69 per ounce this morning – thats gold’s highest value since late 2011 – as markets and economies alike continue to struggle to function in lockdown.
This, along with the continued global increase of Covid-19 cases, has many concerned that lockdown will be prolonged in nations yet to beat the virus, or return to those who had previously thought themselves clear. This will continue to hinder consumer demand, as well as increase the reliability on state aid – neither of which benefits a free market economy.
Such is the concern over the international markets – particularly in the US – that gold imports from Switzerland to America totaled 127 tonnes; a record high for monthly gold imports. Standard Chartered reports that, based on Swiss trade data, 285.9 tonnes have gone from Switzerland to the USA in the past year, which is more than the total for the previous decade.
Gold Price forecasts have been circulating with ever-more visibility in recent weeks, with UBS suggesting $1,800 per ounce by the end of 2020 – a figure that could be passed by the end of July at gold’s current rate of demand.
Goldman Sachs amended its prediction for 2020 to a slightly higher value of $2,000 per ounce by the end of the year, up from $1,800 at the start of the year, with analysts warning that low interest rates and also the risk of currency debasement (devaluation) are the key fear factors.
These sentiments are shared by Standard Chartered, who told Kitco: “We expect gold to continue to draw investor interest given unprecedented global monetary easing and fiscal stimulus, low to negative interest rates, and gold’s strong correlation with real yields.”
One man in particular, President Donald Trump, is being highlighted as key factor in gold prices potentially rising even higher in 2020. America is still in the grips of a trade war with China, as well as struggling to manage social unrest and the coronavirus.
So Now More than ever is a great time to sell your gold, to recieve a good return while the price is so high, selling your gold to Buymyjewellery.com is simple and secure. Simply fill in our online enquiry form below with a few details regarding the gold ( Such as the Krt of the gold and the weight in grms if known) .
So we can provide you with our estimate, we will email you with our quote which is based on the most up to date gold fix price. If your happy to proceed with selling we will email you a pre-paid postage label that covers insurance so you can send your gold to our valuations department to be tested.
We will then let you know our final offer if you choose to accept our poffer payment is via bank transfer and takes just 1 day to clear. If you do not wish to accept our offer we will return your gold free of charge via fully isnured and tracked royal mail.
Receive a quote on the jewellery you wish to sell today just fill in our enquiry form below with a few details about your jewellery and a member of our appriasal team will get back to you today.