Craig Steele sees gold going to $2,000 an ounce

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Jan, 2016

Commodities and exchange markets and global economic trends are showing some facts that have convinced Craig Steele to believe in a rise in price for gold, going into the $2,000 and upwards terrain for an ounce of the metal.

Australia is the third largest producer of gold in the World. Because of the influence gold plays in the Australian economy, there is a high correlation of the Australian dollar to the price of gold. The aussie has been steadily rising since September 2015, specially if seen against the British Pound, insinuating a rise in the price of gold.

Also, since December 2015, gold has been rallying, mainly because of the push to buy given it by the stock market crash and fears about the global economy, and people exiting stocks and looking for safety in gold investments.

Finally, the current price of gold, around $1,200 per ounce, makes it a very good entry point to this commodity, and the devaluation of some currencies by the central banks will favor a bullish sentiment in the markets which will attract investors to long their gold positions in spot and futures, further pushing the prices upwards, up to and beyond the all-time high of $1,870 back in September of 2011.

"If you're looking to secure your investments while making some profits while you're at it, gold is a good option right now.", said Craig Steele.

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