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The gold market sharply collapsed during the previous month, which was the strongest monthly decline in nearly five years and the worst one in June in eight years.
Despite the previous collapse, 75% of analysts are positive about gold. There is even a possibility that gold will rise this week.
Last week, the Central Bank of Europe said that it is now targeting medium-term inflation of 2%, which means that it will allow inflation to grow, and the economy to warm up.
Also last week, China lowered interest rates and reserve requirements for banks, freeing up about 1 trillion yuan for the economy.
However, although gold has risen above $ 1,800 an ounce, analysts believe that it will remain at this level with consideration to trading and Treasury bond yields.
Some analysts said that even though gold currently does not react to the news, this does not mean that it will always be like this. According to Commerzbank analysts, the gold market is now a function of time, which means that investors will not be able to continue ignoring the current economic situation at some point.
Therefore, when some traders pay more attention to the upcoming summer holidays than to the numbers on the screen, it is better for them to get rid of such external noise and focus on the long-term potential of the precious metal.
Two reports of the World Gold Council were published during the previous week.
The first report was the flows of investments in gold-backed exchange-traded funds in June. Last month was terrible for gold, but some investors used lower prices as a strategic buying opportunity. Despite a drop of almost 7% in June, world gold and foreign exchange reserves increased by 2.9 tons. This is clearly not so much, but it shows how strong the support for gold is in the market.
The second report, which really highlights the potential of gold, was created on the basis of a multi-month comprehensive study conducted by Greenwich Associates. The firm contacted 500 institutional investors from around the world to talk about the gold market.
The highlight of the survey was every fifth investor investing in gold. Of these, 38% plan to increase their allocations over the next three years.
It is surprising that 40% of investors who are not related to gold are going to buy the precious metal over the next three years. This is a largely untapped market, in which they are beginning to see the advantages of storing a certain amount of gold.
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