UBS is 'very bullish on gold,' says prices could stay high longer
UBS has raised its gold price forecast for next year from $1,850 to $2,100 per ounce, said Yeoh Choo Guan, the bank's head of ASEAN global markets.
."We are very bullish on gold. We think that the prices will go higher and what is interesting is we think it will stay higher for longer than expected," Yeoh Choo Guan, the bank's head of Asean global markets, told CNBC's"Squawk Box Asia"
on Friday.She said the bank has raised its forecast for gold next year from $1,850 to $2,100 per ounce.Spot goldwas trading at around $1,953 on Friday — roughly 29% higher than where it was at the start of the year.An environment of negative real interest rates and global uncertainties, such as the upcoming U.S. presidential election, are among the reasons that have pushed investors to build up their gold holdings, said Yeoh.
Gold bars being manufactured at the Prioksky plant of non-ferrous metals in the town of Kasimov.Alexander Ryumin | TASS via Getty Images"So recently we have a retracement in the equity market. What was interesting is that gold was very resilient despite the equity's pullback, suggesting that there's ongoing buying support," she said.
"On top of that, gold is also a very attractive portfolio diversifier. I think a lot of investors have been piling into bonds and REITs (real estate investment trusts), so gold is viewed as an alternative to that, in case that particular segment gives you pressure," she added.
REITs are publicly traded companies that manage a portfolio of properties such as shopping malls, hotels and offices. They typically attract investors who want a steady and regular dividend payout.Growing 'domestic wealth' in Southeast AsiaIn addition to gold, Yeoh said she's also bullish on Southeast Asian stock markets.
Share prices in the region have suffered as foreign funds retreated from several markets. But Yeoh pointed out that the markets have rebounded "much faster than we anticipated," helped bygreater participation from retail investorsand domestic funds.
She explained that "domestic wealth" in Southeast Asian countries have been growing, as is evident in the expansion of local asset managers. That's good news for markets in the region, she said."This stock market, or capital market in general, will continue to be resilient and very strong — not only in the short term, but also in the mid term."
Presidential debate live updates: Trump, Biden clash over key issues
President Donald Trump and former Vice President Joe Biden face off in the final presidential debate of the 2020 election from Belmont University in Nashville Thursday.
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People worry about money, but really, we should focus more on loving each other. Well DUH Lol 🤣🤣😂😂🤣🤣😂🤣not could (will rise) as you lie to the people and keep rising just because the feds throwing paper at gold prices of course it will go down a little bit but then keep on rising Here comes the war in Africa
About time for nato to steal gold in russia. African gold is looted to the barebone already. tickerstats_ love me some $GLD Everytime you see this... sell. It means they are trying to sell you their gold at at high price! September is always a Gold/Silver killer ubs is bullish on literally everything FireJimCramer
When everyone buys price goes up then they dump it big time. Don't be fooled by this brokerage crumbs picking scavengers! They are giving out gold?
Global net zero emissions goal would require $1-2 trillion a year investment: studyAchieving net zero emissions by mid-century would cost an estimated $1 trillion-$2 trillion a year of additional investments, or 1-1.5% of global gross domestic product, a report by the Energy Transitions Commission (ETC) said on Wednesday. How much will not reaching that goal cost? In the grand scheme of things that is not a big number by any stretch. All we have to do it liquidate Apple
$1 million bail set for Lancaster protesters decried as 'blatantly unconstitutional'Bail was set Tuesday at $1 million for several protesters arrested during demonstrations against a fatal police shooting in Lancaster, Pennsylvania. Should be $10 million Good. KamalaHarris You bailing them out also?
Russia will send Belarus first $1 billion of loan by year-endRussia will send Belarus the first $1 billion tranche of a $1.5 billion loan by the end of the year and provide the remainder of the loan in 2021, Russian Finance Minister Anton Siluanov said on Wednesday. Of course they will The people will win one day, then Russian influence will be forever diminished, propping up their buddies will only get them so far Russia is broke.
Lindsey Graham's opponent raises $1 million in one day amid dead-heat pollsThat equates to more than $41,600 per hour, for 24 hours. Won't matter Great , Vote! Due to the late slow disastrous approach to pandemia by Trump, USA is a huge graveyard with almost 20000 coronavirus patient’s deaths. Trump destroyed the economy and cannot respond to racial crisis properly! Vote !
Bella Hadid Matched Her $1 Face Mask to Her Outfit Like A True IconShe said WEAR A MASK.
Pennsylvania judge will likely reevaluate 'unconstitutional' $1 million bail set for Ricardo Munoz protestersSeveral people arrested during demonstrations over the police shooting of Ricardo Munoz are being held on $1 million bail in Lancaster, Pennsylvania Make it $2m Rioters ....fixed it for you.