HSBC: Gold to Hit $1,900 an Ounce by Year End:
“We expect prices to rally to above $1,900/oz by the end of the year. Patience is the most important commodity.”
The Federal Reserve has already pumped $2.3 trillion into the U.S. economy since the downturn via a monetary policy tool known as quantitative easing, under which the Fed buys bonds from banks, which creates conditions that aim to foster investing and hiring.
“The big four central banks have printed around $9 trillion during the current crisis, roughly equivalent to the total value of gold ever mined…[but] despite this long-standing pedigree as a safe haven, gold has noticeably failed to rally in the present economic turmoil.”
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