• Price Change UP Icon Gold $2,231.00 +41.00
  • Price Change UP Icon Silver $24.95 +0.39
  • Price Change UP Icon Platinum $915.00 +11.00
  • Price Change UP Icon Palladium $1,026.00 +25.00
Profit Opportunity
August 9, 2023

Will all currencies become perceived as increasingly risky?

Financial Times, By Chris Flood and Javier Blas in
Share On Social Media

“Gold traded at $914.10 a troy ounce, moving between a low of $903.20 and a high of $916.65 after ending trading in New York at $905.40.

Goldman Sachs has raised its forecast for gold prices. Goldman said it now expected gold to reach $1,000 an ounce over the next three months, up from $700 previously, and has revised its 12-month forecast to $825 an ounce from $795 previously.

Goldman said recent strong demand for gold was not “irrational” but reflected the rising probabilities of a financial or sovereign default.

“In the recent financial environment, all currencies have become perceived as increasingly risky, with the recent US dollar rally being driven more by declining confidence in other currencies than by increasing confidence in the US dollar,” said Jeffrey Currie, commodity strategist at Goldman: “This has left gold as the currency of last resort.”

Goldman said the increasing role of gold as the currency of last resort could be seen in the increasing correlation between gold prices and measures of financial distress from the credit-default swap (CDS) markets.”

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

Get Your Free Report
A Rising Storm
All form fields are required *
Thank You

Want your kit sooner?

Faster delivery
is available by phone.

800-444-8317

Download Your Report

Enter your phone number to be connected to a Monex Account Representative.

Thank You
Want your kit sooner?

Faster delivery is

available by phone.

800-444-8317
All form fields are required *
Embed Spot Prices!
Copy and Paste below code into your HEAD tag / before end tag of body to embed chart.
Copy and paste code below wherever you want your chart displayed.
Copied to clipboard
Embed This Chart!
Copy and Paste below code into your HEAD tag / before end tag of body to embed chart.
Copy and paste code below wherever you want your chart displayed.
Copied to clipboard
FREE REPORT OFFER
A Rising Storm
Thank You
Please check your email for a confirmation link and Free Report!
I agree to receive news and promotional material from this website and understand I can cancel at any time. Privacy Policy