In August, the United States unexpectedly reported "zero" growth in non-farm jobs, raising concerns about a global economic recession, prompting a rush of funds into the gold market for safe haven, which stimulated gold prices to soar to 1880.95 US dollars /ounce.
The asset portfolio manager of the Swiss investment advisory firm Dolefin, Urs Gmuer, stated that gold has entered a "super bull market," and gold prices will surge to 6200 US dollars /ounce, while bull markets in other markets will all come to an end.
Urs Gmuer's bold prediction is based on an analysis of the gold rush of the 1970s, when gold prices jumped from 35 US dollars per ounce to 850 US dollars per ounce. Urs Gmuer indicated that the bull market in gold will be driven by the ongoing (which may last for years) global economic downturn and difficulties, pushing gold prices to soar, during which investors will continuously seek visible safe havens.
Urs Gmuer also stated that there is currently no currency that can be considered "safe," so investors have no other choice but to invest in precious metals. "The 'ultimate currency' that can withstand the test of time and has no political power supporting it is gold. It is important to note that no one can print gold with a machine."
"Two weeks ago, the Swiss National Bank increased the issuance of Swiss francs, which means that there is no such thing as a safe currency anymore, and this is the reason for gold's revival. Precious metals have entered a 'super cycle,' and this fierce upward trend will end bull markets in other markets."
However, at the same time, Urs Gmuer denied that the rising gold prices indicate the emergence of a bubble, "If everyone is saying that a certain asset is a bubble, it means that most people have already resolved it."
In addition, some other predictions suggest that gold prices will soar to 3500 to 4000 US dollars per ounce, based on historical data of the ratio of gold prices to global money supply.
