As a “near-term” safe haven, gold prices have sky-rocketed to make even further gains within the past couple of months. Coming in at $1910.40 CAD per ounce, gold hit an all-time high early August 2019. The recent rally is due to investors jumping into gold due to a rise in global uncertainty. With the current tribulations in Hong-Kong and the recently announced 10% tariffs by President Trump and the U.S against Chinese imports, renewed unpredictability was sure to rear it’s head sooner or later.
In terms of gold prices for the future, experts claim that it is safe to say gold prices will rally even further. Although it sounds unheard of, gold prices have a chance to hit $5,000 an ounce, according to Peter Schiff, CEO of Euro Pacific Capital. “I do think that this is the beginning of the breakout of the consolidation that we’ve been in for the last several years, but ultimately I think gold’s going to go quite a bit higher than $5,000,” Schiff told Kitco News today. This might be the result, according to Mr. Schiff, because of the rising volume of inflation that central banks will unleash.