Gold price will push towards $2,000 this year: Weinberg
Commodities expert and precious metals forecaster Eugen Weinberg from Germany's Commerzbank discusses how gold buying will pick up in the second half of the year and push prices towards $2,000, in an interview with Bloomberg TV.
While there is no compelling reason to own gold at the moment, since the Euro crisis is abating and inflation hasn't picked up yet, he thinks the investment interest will come back and continuous buying by the central banks will elevate the price.
"Going in like a bear, coming out like a bull" is how Weinberg characterizes the next 12 months for gold.
At the moment, gold havens aren't needed because other commodities have recovered since last year and are likely to do so further this year.
Overall, he believes sentiment is improving with investors' risk appetite coming back. As well, corporate clients are becoming more upbeat about the future.
Watch the full interview here:
Image courtesy Commerzbank.de