20 January 2023 | Other

Bank of America: gold has a bullish perspective

According to analysts at Bank of America, investors' portfolios will hold gold securities for the next 3 years. Commodity strategist Michael Widmer believes that currently, in 2023 a favorable period for gold begins. Kitco News, referring to a U.S. bank report, informs that this positive macroeconomic perspective will last until at least 2026.

Widmer explained the higher interest in other asset classes than in the yellow precious metal by rising real interest rates and the strengthening of the U.S. dollar. The expert added that was the situation in the last quarters, but now the situation has changed.

The first factor is the frequent discussion of the benefits of diversifying into copper. Stock market research shows that some leading gold miners have already moved into nonferrous metals. The second confirmation is favorable conditions of macroeconomics for the growth of gold.

A decline in investor interest in gold ETFs has put pressure on the gold price in the past 2022. Now the bank expects a weakening of outflows from them.

Company MarketCheese
Period: 01.05.2025 Expectation: 1000 pips
GBPUSD to test level of 1.34 again
Yesterday at 10:58 AM 42
Brent sell
Period: 01.05.2025 Expectation: 660 pips
Trade uncertainty and excess OPEC+ supply are dragging down Brent
Yesterday at 08:49 AM 35
Period: 29.04.2025 Expectation: 600 pips
USDCAD to head towards 1.39400 after rebounding from 1.38200
Yesterday at 07:48 AM 28
Period: 02.05.2025 Expectation: 1669 pips
AUDCAD gains on potential easing of trade tensions between US and China
Yesterday at 07:02 AM 26
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
24 April 2025 74
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
24 April 2025 42
Go to forecasts