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Updated 21:02 02/12/20

Even the banks are predicting gold to reach $1,550 in 2017

By Duncan Richardson, News Editor

30 Nov 2016

UK banking giant HSBC is predicting the gold price will reach $1,550 per ounce by the end of 2017. Boosted by anti-EU sentiment, protectionist policies introduced by Donald Trump, and continued central bank buying. The HSBC research team are predicting the recent price decline to be only temporary as global risks rise in 2017.

James Butterfill, Head of Research at ETF Securities, is forecasting the gold price will rise to $1,400 per ounce by June next year. With anti-European sentiment on the rise and 70% of the continent having elections next year the risk of the European Union unraveling is rising. Butterfill also believes the issue of America’s $20 trillion of national debt will come to the fore. If the federal debt continues to rise, 2017 will be a very good year for the yellow metal.

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