The gold market has seen a remarkable run since mid-March, rallying nearly $200 in a matter of weeks and according to George Milling-Stanley, chief gold strategist at State Street Global Advisors, it has enough room push to a new all-time high.
Milling-Stanley noted that gold prices have already hit the upper-bound year-end target at $1,700 an ounce.
“I'm going to have to redo my forecast at some point, but I think that I'm going to have to take very seriously the possibility that we might see $2,000,” he told Kitco News.
Milling-Stanley said that unprecedented monetary action from the Federal Reserve will continue to support gold prices. However, he added that he doesn’t necessarily see nominal rates go negative, even though gold doesn’t need negative rates to push up to an all-time high.
“There's enough momentum in this market right now to carry us up to the kind of levels that you're talking about,” he said.
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