Gold continues to seesaw around the $1900 mark; Citibank analysts see silver at $40 over the next 12-months

Gold continues to seesaw around the $1900 mark; Citibank analysts see silver at $40 over the next 12-months by Michael J Kosares for USA Gold

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Gold continues to seesaw around the $1900 mark in the run-up to the U.S. election with safe-haven demand acting as a positive influence and ongoing gridlock over the stimulus package acting as a deterrent. Overarching all, pandemic infections have begun to climb again in both the United States and Europe. The metal has been stuck in a $50 range on either side of $1900 for the past 30 days. This morning it is trading at $1914 – up $8 on the day.  Silver is up 7¢ at $24.87.

Citibank is out with a fresh report on the precious metals market saying investor interest will “remain high during 2021 as pressure on governments to devalue currencies, concerns about vaccine efficacy and take-up rates and questions over equity and bond valuations and rising global debt remain in most scenarios.” The investment bank’s view on silver is notably “very bullish,” according to a review of the analysis posted at the Forbes web site. It sees silver’s price rising to $40 over the next 12-monhts with “$50/oz a very realistic target and $100/oz possible,” according to the report.

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