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VanEck comments on gold price

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Commenting on the recent price hike in gold, Joe Foster, Portfolio Manager and Strategist for the Gold and Precious Metals strategy, VanEck, says: “As gold hits its highest level for four months, we think its valuation is supported by the markets not pricing in the longer-term impact which further monetary tightening from the Fed could have on a late-cycle economy.

“Namely, that the tightening policy could end up helping push the US economy into the next recession. In addition, we believe, the burden from increased fiscal deficits resulting from US tax reform would further hamper the economy in the longer term. We expect gold to continue to form a base, trading in the USD1,200 to USD1,350 per ounce range in the near term, with a longer-term view that increased financial risk deriving from a potentially weaker or slowing US economy, as well as heightened global geopolitical risk and political struggles in Washington DC, could drive gold much higher.”

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