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In a world full of negative yielding debt, hard assets like gold could become even more attractive, and some strategists say a case could be made for a $2,000 per ounce price tag on the precious metal.
Gold futures were at $1,513.80 an ounce Tuesday, down about 0.2%. In late May, gold snapped out of its slumber, broke above $1,300 and has not looked back. In September, 2011, gold futures reached all-time high of $1,923.70 per ounce.
“We have a long position trade on. We are targeting $1,585,” said Daniel Ghali, commodities strategist at TD Ameritrade. “We do think gold is on its way higher for the time being…Over the coming years as the likelihood of the unconventional policy becomes more of a reality, I could see a case for gold at $2,000.”
Gold has also been firming as the world watches protests in Hong Kong and also the uncertainty around U.S., China trade relations. On Tuesday, gold erased its gains and risk assets rallied