Gold has been validated to currently be in the next leg of a Bull Market and investors, traders, and analysts all see the price going much higher in 2017.
In a poll conducted by Reuters on Oct. 28, 35 Wall Street participants confirmed that the gold price will go up next year, with the average price range being about $1331 per ounce.
Gold is expected to post its highest average annual price in four years in 2017, a Reuters poll showed on Friday, after bottoming out this year following three straight years of decline.
The poll of 35 analysts and traders conducted over the last two weeks returned an average gold price forecast for 2017 of $1,331 an ounce. That would be the highest average since 2013, when the metal plunged 28 percent year on year.
Respondents predicted an average gold price this year of $1,270 an ounce, slightly above the current average of $1,258. That reflects a stronger expected performance in the fourth quarter, when prices are expected to average $1,300. - ReutersOn a side note, the estimated price range of $1331 from Wall Street participants does not take into consideration geo-political or financial black swans, which like with Brexit, could send gold skyrocketing well above their current forecasts and closer towards gold's all time highs.