... “Gold’s status as a safe haven is well publicized, but the inexorable rise in the gold price over the last few years has been truly astounding, with the metal hitting fresh highs today,” Michael Field, chief equity strategist at Morningstar, told CNBC in an email on Wednesday. ...
“Still, we are still very early in the game as gold, and gold related investments are barely 2% of an average investment portfolio worldwide,” [Philippe] Gijsels [chief strategy officer at BNP Paribas Fortis] added. “To say it in baseball terms, we are only in the second or third inning. $4,000 [will not be] the endpoint — just the start of the strongest bull market in precious metals the world has ever seen.” ...
In a note to clients on Wednesday morning, UBS Strategist Joni Teves also argued that gold remains under-owned.
“We expect gold’s bull run to continue over the coming quarters, driven by rising investor positions and a continued broadening in gold’s investor base. With the Fed easing cycle under way, dollar weakness and declining real rates should be bullish for the gold price,” she said. ... we expect ... prices to stabilise at historically higher levels over the long run,” she added.
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