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Bloomberg Intelligence (BI) reports that there is one driving force that could resume a rally in gold prices during this turbulent fourth quarter.
"Macroeconomic and political risks aside, a peak in the dollar could push gold to see significant gains," remarked BI senior commodities strategist, Mike McGlone, in a Q4 report.
"Gold is likely to remain at the top of our macroeconomic scoreboard in Q4," McGlone said. "The entry of the dollar into a bear market, judging by history, will help gold to rally," he added.
Gold is believed to reach new record highs, especially in light of surging debt-to-GDP ratio and massive global quantitative easing.
According to the updated Q4 data, the debt-to-GDP GDP ratio is an important factor to consider when it comes to forecasting gold prices.
"As the bull market resumes, the metal should establish a base of about $ 1,800 an ounce, with an increasing debt-to-GDP ratio and a quantitative easing of catalysts," McGlone said.
"A rather weak stock market will support the metal to rise. Thus, once the US dollar enters a bear market, gold could really skyrocket."
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