Blackstone’s Byron Wien says gold ‘”has a chance to be an interesting investment“
That is how the veteran investor, and 1 of the most influential investors, described the outlook for the precious Yellow metal in the coming 12-month stretch ahead of the release of his well-read list of market surprises.
Mr. Wien did not provide further clarity on his gold estimates or the precise direction of gold trading in Y 2020.
However, his comments came as the precious commodity was on pace to enjoy one of its strongest daily gains since late November and its highest finish since early last month, rising past a psychologically significant level above 1,500 oz.
The Big Q: What is keeping gold afloat at the same time that stocks are riding high?
The Big A: Commodity experts say that a détente between the US and China on the trade front could be helping to build Bullish sentiment around gold appetite.
Meanwhile, seasonal trends could also be set to help gold push higher in January. Since Y 1980, January marks one of the best months for gold, with an average gain during the month of 1.53%, according to Dow Jones Market Data.
The best month for gold is August, when the precious metal averages a gain of 1.57% (see the table below):
|Month||Average monthly % change|
|All months avg.||0.34|
|Sources: Dow Jones Market Data|
January tends to be a strong period of gold buying, with Asian investors usually taking a shine to the commodity around Lunar New Year, when gold is offered as a gift.
HeffX-LTN’s overall technical outlook for GLD is Bullish across the board.
Have a terrific week.