Gold’s Winning Streak

According to Bloomberg, gold futures have climbed 10 percent this year and are set for a 10th straight annual advance. This marks the longest winning streak since at least 1920, as investors shield their wealth against economic turmoil and the prospect of currency debasement. The metal reached a record $1,266.50 an ounce on June 21.

“We’re seeing safe-haven demand come into gold,” said Jim Steel, an analyst at HSBC Securities in New York.

Bloomberg also reports that Goldman-Sachs analysts believe that gold prices may rally to $1,300 in six months, driven by low interest rates and the Federal Reserve’s purchase of financial assets such as government bonds and mortgage-backed securities.

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