In light of expectations of a new wave of fluctuations in the markets against the backdrop of the uncertainty that afflicts global markets due to the Corona pandemic, and the uncertainty surrounding the scene of the US elections, the Swiss Investment Bank advised investors around the world to buy gold now, before the end of this year.”We prefer gold, and we believe that it will reach levels of $ 2000 an ounce by the end of this year,” Kelvin Tay, director of wealth management at the Swiss bank, said in an interview with CNBC.
He added: “In times of uncertainty about the US elections and the Corona pandemic, gold is a very ideal hedging tool, and its decline finally represents a good opportunity for investors who want to enter and invest in the precious metal. These prices represent a bottom in which to enter and build centers that will generate a good return.”
And he stated: “If interest rates remain low for a long time, the opportunity cost of owning gold (which is an asset that does not provide fixed returns) will be very low, with the fact that investors are constantly looking for assets that provide a return. If other assets do not provide the desired returns, then Investing in gold would be the best solution.
It is noteworthy that gold prices surpassed earlier this year levels of $ 2000 an ounce for the first time in its history, but it has witnessed declines recently with profit-taking and liquidation in the market to cover positions in the stock markets that witness sharp fluctuations.
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