ABN AMRO maintains $2,000 year-end price target even as gold trades near record highs

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“The trend in gold prices is positive and the sky seems to be the limit,” she said in her latest note. “However, we remain cautious for the following reasons. It is unusual for gold prices to have positive relationships with the US dollar and 5yr and 10yr US real yields. Even though these changes have occurred in the past, they tend to be temporary in nature, meaning that they could last around 3 to 6 months.

“Investors seem to have bought gold for safe-haven reasons and have only bought certain forms of gold,” she said in her note. “They also have bought gold options with upside strikes for December, for example, with strikes of USD 2,500 and 3,000 per ounce.”Boele also noted that there aren’t even any supply disruptions in the marketplace to justify these record prices.

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