Christopher Wood, a well-known market analyst with Jeffries, a Hong Kong-based Research organisation, said in his Greed & Fear report that the ultimate price target for gold is $4200 per ounce in the long term. This is almost twice the price target of gold predicted by analysts at $2000. While Wood did not mention by when gold will achieve this level, his target is more than double the all time high which gold prices saw on September, 5, 2011, at $1900 per ounce.
Gold bullion price rose by 18.3% in 2019. “The significant break above US$1,460/oz in the September quarter is, hopefully, a further confirmation of a new bull market in gold,” he stated in the report. The positive trigger