UBS: Go For Gold in 2025

2024 Review and 2025 Outlook

Housekeeping: Good Morning

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Go For Gold in 2025

Contents:

1. Report Comment

2. UBS 2024 in Review

3. Go For Gold

4. Copper

5. Sell further dollar strength

6. 2025 Price Forecasts

1- Report Comment

It is good to hear things stated many times in this space the past two years here echoed by banks finally. It is also risky when a bank agrees with you. That said: Specifically; UBS notes Central Banks and BRIC buying (They want the Gold) have raised the floor; and financial drivers like lower rates may accelerate its rise via western buying now. Keep in mind, we and Goldman note the CB buying will slow in 2025 at these prices.

Return of the Fed influence?…

If opposite USD behavior returns (blue arrows) from US players dominating, then we may need the Fed to Ease for price appreciation… ironic.

But Fed is meaningless in big picture as Gold is now also ignoring Bond yields too…