Gold Price Surpasses $1,700 Again, Dennis Gartman Expects Trend to Continue

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On the topic of central banks, several countries are actively buying larger supplies of physical gold lately. Primarily Russia and China continue to stockpile the precious metal like there is no tomorrow.

Recent developments affecting the gold market have pushed the price to a near seven-year high. The global interest in precious metals is picking up once again, and Dennis Gartman expects this trend to remain in place.

Gold Price Momentum is Promising

It has been coming for some time now, but the gold price has recovered rather nicely. Following a big drop to the low $1,450 range a few weeks ago, the price has soared above $1,700 once again. If this trend keeps up a new seven-year high will be recorded before the month of April comes to an end. 

Several factors will influence the gold price momentum, either for better or worse. Central banks all over the world face tough decisions in terms of keeping domestic economies afloat. Introducing more helicopter money and quantitative easing seems to be the only solution, even though it is not a viable long-term solution.

Vaultoro Gold Price

There is also the slow down in terms of overall gold production. Obtaining physical bullion has become a core challenge for markets all over the world. Most mines around the globe remain either shut down or face a steep reduction in output. As demand for gold is clearly on the rise, the price will need to go up accordingly.

On the topic of central banks, several countries are actively buying larger supplies of physical gold lately. Primarily Russia and China continue to stockpile the precious metal like there is no tomorrow. Official reserves in those countries are growing rapidly, albeit no one can predict what it all means in the long run.

Dennis Gartman Thinks Everyone Should own Gold

Many people have different opinions on the current market appeal of precious metals. Dennis Gartman, former editor of the Gartman Letter, recently told Bloomberg that “now is the time to own gold”. An interesting sentiment, considering he is anything but a gold bug.

To back up these claims Gartmna hints at the actions taken by various central banks. As the banks become more expansionary, it is very likely that the gold price will keep trending higher in the weeks and months to come. This short-term outlook is very bullish for the world’s leading precious metal.

It is interesting to note that Gartman doesn’t expect investors to obtain physical gold given the current market circumstances. The coronavirus outbreak may prevent that from happening for some time now. Exploring other vehicles to gain exposure to gold is something to explore these days.

Looking into ETFs is perhaps the most convenient and attractive option. Every ETF remains linked to the global price of gold, thus investors would be able to achieve the desired result without dealing with physical bullion. 

Vaultoro also provides exposure to trading gold digitally, primarily against cryptocurrencies. Tapping into both markets can help investors and traders maximize their profits accordingly. 

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