Haven asset gold should perform better in 2020 if you take a bearish position on the global economy, ED&F Man Capital Market's independent senior commodity consultant Edward Meir said after topping the 2019 Apex precious metals leaderboard with 97.73% accuracy.
Fastmarkets published its
Apex full-year 2019 competition results last week.
"My general feeling on gold is that putting numbers out really depends on your assumptions and what you think will happen in various scenarios," Meir told Fastmarkets. "If you are very bearish on the macro and the world economy gold should do better."
The
Comex gold 1st active price was $1,577.50 per troy oz on Monday February 3, its highest since March 2013.
And Meir expects 2019's sluggish year-on-year global growth, estimated at 2.9% by the International Monetary Fund, will continue into 2020 while potential monetary easing measures taken by governments and central banks should have a positive impact on the gold price.
"If central banks are easing and lowering rates even farther into negative territory, all that should be bullish for gold and for some extent for silver," Meir said.
"But if...