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According to the Canadian bank CIBC, gold has a growth potential. And this is despite such massive sales last week.
On Wednesday, IDC analysts adjusted their forecasts for gold and silver prices in a report. Even though the bank has lowered its price forecast for this year, analysts remain optimistic that prices will exceed $2,000 per ounce by 2022.
This year, the Canadian bank assumes an average gold price of $1,925 per ounce, and in 2022, the bank thinks that it will hit $2,100 per ounce. Analysts noted that their revision is less than 10% of their previous forecast.
Looking at silver, CIBC said that they believe the precious metal is averaging about $28 per ounce for the year, compared to their previous estimate of $29. Analysts maintain their forecast of the average price for 2022 at the level of $31 per ounce.
Also, despite the fact that the growing inflationary pressure forces the Fed to take a more aggressive stance on monetary policy, analysts believe that investors need to pay attention to real interest rates.
At its meeting, the Fed predicted a rate hike twice in 2023.
According to analysts, inflation will push gold, but real rates will still remain the main factor of profitability growth. According to historical data, gold has always reacted to interest rates. Analysts claim that the recovery of rates will not happen soon. Therefore, if we take into account the expectation of an increase in inflation in the near future and the pressure on the Fed to draw a fine line between raising rates to manage inflation and supporting economic growth, silver and gold prices will react accordingly.
Analysts noted that even if the Federal Reserve System begins to tighten monetary policy, they will be limited in their actions, as the US government continues to escalate the situation. Adding that in the face of rising inflation, they hope that the Central Bank will take a cautious approach to tightening monetary policy.
With regard to silver, CIBC said that in conditions of low interest rates, the precious metal will not just be profitable, it will be growing in industrial demand, which will provide important support over the next couple of years. The growing demand from the solar sector and the developing transition to green energy will increase the industrial demand for silver.
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