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Gold Price to Double to Over $2,400 Per Ounce - Demand in Asia to Double in “Asian Century”
Gold Price to Double to Over $2,400 Per Ounce - Demand in Asia to Double in “Asian Century”
- Gold price set to soar to new records in ‘Asian century’
- Gold price to double by 2030: ANZ
- Gold to exceed $2,400 per ounce
- Gold demand in Asia set to double
- “Greater demand from investors and central banks will see gold prices rise materially over the long-term”
- “Most of the time you don’t want to pay for it. But if you need it, you’re glad you have it”
The price of gold is forecast to double in the next 15 years, and growing wealth across Asia, particularly in China and India, will lead to demand for gold bullion and send its value soaring, a new study from ANZ predicts.
Gold in US Dollars – 5 Years (GoldCore)
ANZ’s just released report `East to El Dorado: Asia and the Future of Gold’ says the price of gold could exceed $2,400 per ounce by 2030, more than double its current value of around $1,150.
Since 2003, we have said that gold was likely to surpass its real record high or inflation adjusted high of $2,400 per ounce due to store of value, investment and central bank monetary demand.
“Asia’s rise will have profound implications for the gold market,” ANZ chief economist Warren Hogan said. As incomes rise across Asia, so will the appetite for gold rings and necklaces, the report predicts. “A growing middle class will buy more jewellery,” Hogan said.
There will also be an increasing appetite for gold coins and bars as stores of value.
Gold holds cultural significance in China, India and across much of Asia, where gold is considered an ideal gift for weddings in the hope it can bring luck and happiness.
Difficulty in obtaining gold in China and India in the past also adds to the allure, according to the report. The Chinese government has a history of nationalizing gold stores and prohibiting gold ownership, while in India gold imports were largely banned until 1990.
Developments in money management practices in Asia, and rising demand for diverse financial products, will also help fuel demand for physical gold, the report says.
“A larger body of professional money managers will drive investment demand,” Mr Hogan said.
“And regional central banks will purchase more gold to provide confidence in newly floated currencies … These factors will support a long term and significant increase in the gold price.”
ANZ’s report predicts annual gold demand from 10 key Asian countries – including China, India, Japan, Indonesia and South Korea – will double from 2,500 tonnes to 5,000 tonnes.
ANZ said it believes the gold price will rise above $2,000/oz by 2025.
“While the near-term could see prices trade only marginally higher over the next few years, we believe the combined effect of greater demand from investors and central banks will see gold prices rise materially over the long-term,” it said.
“Beyond its role as the world’s largest producer and consumer of physical gold, we believe China will eventually dominate the price discovery process too, as Asia’s financial centres gradually open up. There is no reason why Shanghai should not become a major centre for gold trading provided the appropriate institutional and legal reforms take place.”
A climbing US dollar has dampened investor demand for gold so far in 2015, but investors still see gold as a safe haven during periods of share market and economic decline the report says.
“One things that’s never changed for the gold market in the last 30 or 40 years is its safe haven appeal,” he said.
“Most of the time you don’t want to pay for it. But if you need it, you’re glad you have it.”
Must Read Guide: 7 Gold Must Haves
MARKET UPDATE
Today’s AM fix was USD 1,149.00, EUR 1,080.50 and GBP 782.91 per ounce.
Yesterday’s AM fix was USD 1,154.75, EUR 1,087.54 and GBP 781.50 per ounce.
Gold fell 0.55% percent or $6.40 and closed at $1,148.50 an ounce yesterday, while silver slipped 0.58% or $0.09 at $15.56 an ounce.
Gold in US Dollars – 1 Year (GoldCore)
In Singapore, bullion for immediate delivery ticked down 0.2 percent at $1,146.20 an ounce near the end of day. Comex U.S. gold futures for April delivery inched down 0.2 percent to $1,145.40 an ounce.
Gold is holding above yesterday’s 3-1/2 month low at $1,142.86/oz. Its 14-day relative strength index (RSI) remains in oversold territory at 25.5. Gold’s RSI has been below 30 for the best part of a fortnight.
Yesterday, SPDR Gold Trust ETF saw further liquidations and holdings fell 0.4 percent to 747.98 tonnes.
The Dubai Gold and Commodities Exchange (DGCX) is in an advanced stage of talks with a local bank on its plans to launch a spot gold contract, a senior executive at the exchange said. DGCX had said early last year that it planned to introduce a spot gold contract as part of its growth as a top trading centre for the precious metal. The launch had originally been scheduled for last June, but has been delayed. “We are in advanced stages of talks with a local entity,” Ian Wright, chief business officer at DGCX, told Reuters. He did not disclose the name of the local bank, but said the contract should be launched in the “near future”.
Thousands of anti-austerity protesters clashed with riot police near the new headquarters of the European Central Bank (ECB) in Frankfurt on today, hours before the ceremonial opening of the 1.3 billion euro ($1.4 billion) building.
Several cars were set on fire and streets were blocked by burning stacks of tires and rubbish bins. At least one police officer was injured, police said. Police used water cannon to try to make a path through the mass of protesters to the entrance of the building, which is blocked off from the street by police barricades.
ECB President Mario Draghi was due to make a speech there this morning
Gold fell to its lowest in nearly four months, as markets await the outcome of the U.S. Federal Reserve meeting today.
As always language from the FOMC’s policy statement will be used to infer any hints on when interest rates might be raised. Analysts are focusing on the word, “patient” to determine whether the rate hike will come in June or September or be delayed again.
If the word “patient” is absent from the statement, some analysts predict further price falls for the precious metals.
In London, spot gold in the late morning is trading at $1,150.47 or up 0.07 percent. Silver is trading at $15.56 or up 0.12 percent and platinum is trading at $1,094.46 or up 0.05 percent, at a five and a half year low.
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thats what you said when it was 1900. Why do i waste my time on ZH?
GOLDWHORE...
....yawn....
15 years. Fifteen years. From now. I see. Why or why didn't I just hoard cash starting in 2010? I'd have lost -- what? maybe 1.5 or 2 percent of my wealth due to inflation. Not the 75 or 80 percent I lost by getting into PMs.
man, if you lost 75% on an asset thats only dropped 30% (and that only against US$, with performance in other currencies considerably better), ur REALLY doin it wrong
"Gold price to double by 2030"
That's a TERRIBLE return on investment.
So is GoldCorp telling us to buy gold from GoldCorp?
i notice anti gold bugs are first to post, they're drawn here like atheists to a religious discussion.
Why compare the irrational to the rational?
what! if gold is a barbarous relic, how could it possibly be traded for food?
my preference would be to trade roundies for food.
barbarians eat food, dont they?
Yeah! Will you please stop with these bullshit headlines? Listen up! Ya' all are destroying your credibility with this shit!
Truly that 5.02% IRR is lip smackin good!
Math is sooooo hard
http://www.dinkytown.net/java/AnnualReturn.html
Gee, the price of gold will double OVER 15 YEARS!!!!! Come on, the price of everything will at least double (probably more than double) during that time frame. Tell me what's going on this afternoon and I'd get interested.
"The Best Sure-Fire way to double your money in gold is to fold it in half and put it in your pock..........."....uuhh, nevermind
So, the new intern wrote this?
What a bunch of crap.
You have to love these guys when they try to pigeon hole the price for over a decade to come.
Really GOLDCORE.... $2400.00 an oz... Not $2399.98 or $2401.00. Just BTFD and fuck the pussy hard!
Attention GoldCore Marketing Dept: Your breathless pieces about soaring gold might have a soupscon more credibility if they didn't fly the banner of a company in business to sell the same stuff.
Suggestion: Try enlisting Guest Writers with solid credentials and objective analysis.
Just sayin'...
Message to Goldcore:
Blah blah blah...after the "dealers" sucked up all the gold and silver in my town, they went bust, moved away in the shadows of the night, or stopped selling (yet will gladly buy at a ridiculously low price!)
So blah blah blah
Is a dealer the same as a pusher?
Buying jewelry to own gold is not a good strategy. Half the price is for the "artistic" content. It's like paying 2X spot for the metal.
"gold could exceed $2,400 per ounce by 2030" How about by 2017, then exceed $5000 by 2020. 2030 who even knows, that's like putting a number on a wall and throwing a dart, how about $30,000. That's a nice round number.
You're right on all counts. If the American dollar is still in existence in 2030, it will be worthless. If it has gone to zero as it probably should with all the debt stacked up against it, gold will be at 'infinity'. I do fully expect the deflationary cycle to play out though, in terms of USD. So the USD should continue its strong upward path for at least 4 years... maybe even a decade. The demand for USD by major players in order to either pay off their debt or go bankrupt will be epic. So... a rising dollar until the deflationary phase runs it course. THEN, inflation in US dollar terms that will be just mind boggling.
In the meantime... if the US dollar does continue to soar in value, that means that in the eyes of a European or a Canadian or a Chinese or a Russian or anybody other than Americans, gold would be soaring. This would cause high demand for gold AND the USD at the same time. But yeah...gold at $5,000 by 2020 is entirely possible. And at $100,000 by 2030 is entirely likely.
Look! Over there! Another puff piece on gold!
Quick get KingWorldNews's take on this!
Greenspan has a 5 yr window. Jim Willie sees 18000.00 gold. Whatever
All you naysayers: Aside from a govt resetting of the gold price much higher; Tell me what other option, in terms of monetary mechanics, TPTB have to resolve this crushing debt load that is so unprecedentedly heavy that rates cant get to a quarter of a freaking percent?
BS.
Au and PMs will rise sooner than that.
Someone posted on another thread to watch out for a super-rise in the USD. It would denote TPTB are front-running the USD collapse. That would be the time to buy PMs, as when the USD falls, PMs will go back up.
I have backed off most PM acquisitions and am now putting USDs into property and other hard assets. A good numismatic coin will still get my attention, though.
The trouble with Paper Gold heading for $600-$700 would be that not much would be mined anymore. Most high grade Gold has been mined because of the low price and all that is left mostly is the low grade stuff and that puts up the cost of mining. That is one way to kill the Goose that lays the golden Egg.
A doubling in 15 years wil hardly get anybody interested in a world where they can make 30% per year in the S&P or just about anything else.
yeah...doubling from this price point in 15 years from now is a weak prediction. They're not putting any effort into this article. With all the shit storms going on and even worse ones brewing just over the horizon, I wouldn't be surprised if gold doubled by the end of next year at a minimum and then doubled again after that by the end of 2017.
Silver of course will be leading the way and the GSR will plummet from the 70+ to 1 level down into the 40's or 30's to 1.
Buy phyzz silver now, bitchez...it's still on a smokin' sale and available w/ little premium.
This won't go on much longer.
Really? What have the net gains in the SP been over the last 15 years?
The gold I bought in 2005 for $454 oz was a nice profit. 250%. Beat the fuck out of the S&P.
There is nothing more entertaining than watching goldbugs, especially the thoroughly mediocre men over at Sprott, get frustrated with the falling price of gold.
Gold! She's headed to the $600-$700 range.
She may go to $2400 and beyond, but only after we work through the deflationary course of this cycle, and good luck getting your hands on any Precious after that.
More pain ahead for goldbugs, more mad-as-hell articles about that on the ZeroHedge, more delightful entertainment for everyone.
So,,,you're staying in paper? Ha!
If Gold goes to the $600-$700 range i wouldn't call it pain, but a buying opportunity of the century.
At $600 oz, we'll never find any physical....but there will be lots of the COMEX arse wipe paper.
I heard the same tired mantra when gold was at $1800. "At $1200 you won't see any physical." Well, there's plenty around right now.
"...there's plenty around now"
Last year I read a story where a guy came into a gold dealer and asked for one tonne of gold...about $40 million worth. It could have been a baseball player who knows? Anyway, the short of the story was that you cannot buy a tonne of gold...it's not available.
The millionaires all of a sudden realized that their millions on paper, doesn't mean anything anymore.
You read a story where a guy goes into a gold dealer? Wow.... Chna consumes 57 tons a MONTH. The real thing.
Which leaves how much for whom?
Yeah, but paper is cool and light weight, unlike those nasty old PM's.
I'm looking at 681 on spot gold.... GLD to 66......Might get a counter trend rally before then to fool the Bulls again..
So gold will follow Bitcoin all th way to zero, huh?
What most PM bugs dont' realize is that in a collapse of the economy and PMs, YOU won't have the cash to buy PMs at those lower price.
More then likely, you will be selling you gold to make ends meet (taking a loss from buying at a higher price). History repeats again. Just because you have income now, doesn't mean you will have income later when gold is priced much lower.
If you see AU/AG as a hedge against inflation, buy it on the way down. If you see it as barter material in an economic collapse, buy it on the way down. If you just like the color and the sound it makes when dropped on a granite countertop, buy it on the way down. It will make you rich one day, or your kids just as likely. It's a partial plan. You do not throw 100% of your spare fiat at gold/silver. Save some for guns/ammo. beans/rice, etc...
Gold will certainly hit $2400/oz. Some day. Maybe the price is wrong as the $ may no longer exist then. Maybe it will be 2,400 Ameros. No one here has the answer or when to buy would be easy. I don't even have a blog so wtf do I know? My gut tells me things are not good in the world economy so I am prepping like it's 1928. If I am wrong, I'll make myself a gold shirt like that Indian dude. I lied, not that rich. Might be able to squeeze out a wife beater tee, exposed belly button. Not a pretty sight.
Bought the book 'The Creature From Jekyll Island' on someone's advice. Great fucking read! If you find yourself red arrowing folks on here maybe read it. It is an eye opener. TPTB really do exist and the gubmint does not give one fuck about the people other than as debt serfs to keep the .gov/TBTF ponzi running til it collapses under it's own weight. If in spite of all the history you still believe gold is a barbaric metal with no value in today's world...go buy some stocks.
Noticed your handle, I'm a proud owner of both an 83 and an 84......
I suppose you think your Federal Resrve Notes will be worth something? I've been buying PM's since the 70's and I have a large collection of things for barter since relying on any single thing, no matter what it is, is a bad idea. I also have a broad range of skills that I can trade on. So tell me sunshine, what EXACTLY do you have to support yourself in bad times.
Bro fist...scabs and all.
Your comment only illustrates your ignorance.
You suppose us 'PM bugs' are waiting until the collapse before buying. (ha ha...thanks for the chuckle).
You suppose that our belief in the merit of bullion blinds us to all else.
You suppose we have nothing but gold, that we plan to eat our ten tola bars and we don't have a sustainable and ready supply of protein and carbohydrates in the form of chickens, rabbits, goats and extensive fruit and vegetable growing capacity.
You suppose we don't have an endless supply of potable water.
You suppose we aren't heavily armed and can't defend what we have created for us and ours. In fact you are probably stupid enough to suppose you can climb over my front wall and that my dogs will happily greet you, that my CCTV is out of focus and that my armaments can't remove each and every one of your internal organs in rapid succession. You probably also suppose that I do not have multiple, readily accessible long-range positions that cover my home for 500 metres.
You suppose we, like you, spend our lives watching TV, 'surfing the net' and sucking shit beer taking crap with our buddies.
You suppose that my buddies are like your buddies. (They're not).
You suppose the government(s) are sufficiently competent to manage innovative, resourceful, free-thinking, law abiding believers in collaborative communities...which is understandable as you are incapable of comprehending intellect beyond you own primative form.
You think your dumb-fuck comments will change our convictions.
Must try harder. F-
.
.
.
PS. the bullshit propaganda suggesting that it will take 15 years before PMs double in value is ridiculous. Authors of such nonsense suppose we subscribe to 'Elliot Waves' and other such shit.
Past performance may not be an indicator of future performance...but it is.
Gold may not be money in today's world...but it is.
I might be wrong...but I'm not.
The laws of the universe are immutable - irrespectable of the folly, hubris and delusion of us mere mortals.
Just keep stacking.
Oh yeah...and I will happily eat you if I need to...but I won't need to...not least because my dogs won't leave much.
Now fuck off you piece of shit.
Actually the gold bugs do realize that in a crash they will be using their gold to "make ends meet"...That's why gold bugs buy it now. When cannibalism is the new economy...trading gold for food is a good trade.