The gold rush is expected to intensify as the year comes to a close, according to NewEdge Wealth’s Ben Emons. Emons stated that historically, December creates a bigger appetite for gold, especially following November stock market rallies. Gold recently reached a new record high, closing at $2,089.70 an ounce.
Emons listed the economic and geopolitical backdrop as additional positive catalysts for gold. He also wrote in a note to clients that gold and stocks both experienced significant gains, marking a “rare combo.”
The future looks bright for gold, with Emons suggesting its strength will continue into next year. Additionally, “Fast Money” trader Guy Adami also sees gold shining due to the recent performance of the dollar.
Overall, as of Friday’s close, gold has seen an increase of more than 14% so far this year. With this in mind, it appears that gold is poised for a significant breakthrough in the foreseeable future.