Main points from ANZ on gold, keep their 12mth target at $2,300 projection:
- ongoing concerns about the global economy
- Fed reiterated its vow to use all tools available to it to support the US economy; including rates remaining near zero for the foreseeable future
- Even though gold is up about 30% this year, we believe there is still plenty of upside left in this rally.
- The backdrop remains high conducive
- unwavering support from central banks likely to see monetary easing policy remain in place for the foreseeable future
- will keep bond yield low, raise inflation expectations and potentially keep the USD weak
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