Gold is a good investment for the long-term, said Philip Roth, Miller Tabak's chief technical market analyst, Yahoo! Tech Ticker reported.
“I think it could have a huge move still in the next five to 10 years,” he said.
Gold has survived and rallied, compared to major currencies last year, Roth said.
“Whether the dollar goes up or down, gold is still going to be a good investment because we have virtually all the important central bankers focused on growth and not inflation,” Roth said.
"(There's) relatively strong demand from investors at the moment," said Eugen Weinberg, a precious metal analyst at Commerzbank, Dow Jones reported.
With more demand coming from investors, Swiss & Global Asset Management, the manager of Julius Baer Group funds, is starting three new precious metal funds.
The funds will invest in physical silver, platinum and palladium. Swiss & Global also manages the Julius Baer Physical Gold Fund, which was created in October 2008.
Gold prices could rise even more, experts told the Wall Street Journal.
J.P. Morgan Chase analyst Michael Jansen said he predicts gold will increase to $1,400 by the middle of this year as long as “the liquidity spigot remains open and the U.S. dollar remains under pressure.”
Goldman analysts estimate the six-month price target of gold will increase to $1,260 and say low interest rates will help fuel the rise.
“Next year, we will see new highs in gold without any doubt,” said Philip Klapwijk, chairman of GFMS Ltd., a London-based metals consultancy.
However, gold will likely peak after the second quarter of this year, said Jansen because of “reduced expectations around inflation, higher global interest rates and a mildly stronger” dollar.
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