{"id":1184167,"date":"2020-05-13T13:34:37","date_gmt":"2020-05-13T18:34:37","guid":{"rendered":"https:\/\/www.mining.com\/?p=1023718"},"modified":"2020-05-13T13:34:37","modified_gmt":"2020-05-13T18:34:37","slug":"goldman-names-gold-as-favorite-commodity-to-trade","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1184167","title":{"rendered":"Goldman names gold as favorite commodity to trade"},"content":{"rendered":"<p>Gold price rose for the second straight Wednesday as investors weigh the economic impact of the covid-19 outbreak and its effect on commodities.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>Spot gold rose 0.5% to $1,710.58 an ounce by 1 p.m. EST. Gold futures were up 1.0% to $1,716.00 per ounce on the Comex in New York. Historically, the price of gold has surged during times of crisis, a sentiment that <a aria-label=\"has been echoed (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/web\/gold-hits-highest-since-2013-as-goldman-backs-bullion-in-crisis\/\" >has been echoed<\/a> by commodity analysts.<\/p>\n<p>Jeff Currie, global head of commodities research at Goldman Sachs, is still bullish on gold as there remains a high level of uncertainty over how the pandemic will ultimately affect the economy.<\/p>\n<p>In an <a rel=\"noreferrer noopener\" aria-label=\"interview with Bloomberg (opens in a new tab)\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2020-05-12\/goldman-s-currie-says-we-still-really-like-gold-video\" >interview with Bloomberg<\/a>, Currie said gold is the favorite commodity to trade this year, citing the worldwide currency debasement effects and an increase in construction activities as reasons to own &#8220;capital goods type commodities.&#8221;<\/p>\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<iframe loading=\"lazy\" title=\"Goldman&#039;s Currie Says &#039;We Still Really Like Gold&#039;\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/OSyQuGQw-84?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><br \/>\n<\/figure>\n<p>&#8220;One thing that our clients are looking at is gold \u2026 clients recognize that should things go completely wrong and inflation starts to pick up again, it may be an asset that gives them insurance,&#8221; Mark Haefele, chief investment officer of UBS Global Wealth Management, told <a aria-label=\"Bloomberg (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=KU1wgHJS6wY\" >Bloomberg<\/a> in an earlier interview.<\/p>\n<p>So far this year, the gold price has gone up by over 12% on the back of a <a aria-label=\"surge in global investment demand (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/ubs-says-gold-price-could-break-the-highs-seen-this-year\/\" >surge in global investment demand<\/a>. <\/p>\n<p>Lockdowns worldwide have also caused logistics issues for transporting the metal, sending <a aria-label=\"premium paid (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/web\/hsbc-lost-200m-in-a-day-on-paper-as-coronavirus-dislocated-gold-market\/\" >premiums paid<\/a> on Comex gold futures to as high as $70 an ounce.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jeff Currie, global head of commodities research at Goldman Sachs, is still bullish on gold.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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