Gold has scaled another all-time high today of $3,729.83, having hit dozens of ATHs this year so far.
In a month, gold has surged 12% and increased an astonishing 42% over the past 12 months.
Solomon Global’s contributing analyst Nick Cawley, in his note of September 1st, highlighted that gold was set to test $3,750/oz this year. Paul Williams, managing director of Solomon Global, now envisions $4,000.
Gold has increased almost $400 since August 22nd, supported by numerous factors including a softening US dollar, inflation concerns, anticipated additional rate cuts from the Fed, declining confidence in risk assets, ongoing geopolitical flashpoints and continued accumulation by central banks.
These dynamics and this momentum look set to remain, putting gold on a trajectory that makes $4000 by Christmas a strong possibility.
