 Stay alert to the latest news on gold, plus our unique perspectives on the geopolitical and economic events that affect investments in natural resources and emerging markets. |
Gold and Commodities Set to Soar in 2019
by Frank Holmes |
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| Goldman Sachs is bullish on commodities and gold, recommending an overweight position for both. The investment bank also raised its 12-month price forecast for gold up to $1,425 an ounce, a level last seen in August 2013. |
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In a bullish move, China added to its gold reserves for the first time since Oct. 2016.
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Industrials were the best performing sector while consumer staples were the worst.
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MARKET RECAP
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- The major market indices finished up this week. The Dow Jones Industrial Average gained 2.40 percent. The S&P 500 Stock Index rose 2.54 percent, while the Nasdaq Composite climbed 3.45 percent. The Russell 2000 small capitalization index gained 4.83 percent this week.
- The Hang Seng Composite gained 4.02 percent this week; while Taiwan was also up 4.02 percent and the KOSPI rose 3.25 percent.
- The 10-year Treasury bond yield rose 2 basis points to 2.70 percent.
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The U.S. is likely to lose its crown as the world’s most powerful economy next year.
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Copper and aluminum are the top metals picks for 2019, says UBS.
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Greece was the best performing country, while the lira was the worst performing currency.
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The Indonesian rupiah and Philippine peso have continued to strengthen as of late.
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Cryptocurrencies experienced a drop this week, with bitcoin falling past $4,000.
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LEADERS AND LAGGARDS
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Gold and Commodities Set to Soar in 2019
