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Published on Aug 5, 2016
KITCO
NEWS - Gold is in a strong bull market, and it's only going to get
better, this according to Barry Dawes, executive chairman of
Australian-based investment firm Martin Place Securities. But, unlike
the doomsayers, Dawes is calling for a global economic boom and thinks
gold stands to gain. 'This is a powerful bull market in gold,' says
Dawes, noting that even more powerful forces are at work that will
change the global allocation of capital. 'The world has never been as
wealthy and the wealth is no longer a U.S. or Europe dominated force.
China, India and South East Asia are now wealthy blocs with over 3,300
million people,' he said. In an interview with Kitco News, Dawes said he
is calling for $1,500 an ounce gold by year end. 'The strength in the
gold market has been displayed since the lows in January 2016 and long
before Brexit became a market issue. Markets respond to the major
long-term issues and tend not to be reversed over short-term matters,'
he said. On Friday, gold prices were under pressure after
much-stronger-than-expected U.S. employment report that likely puts a
Federal Reserve interest rate hike this year back on the table. December
Comex gold was last down $12.50 an ounce at $1,355.60. September Comex
silver was last down $0.393 at $20.05 an ounce.
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