Gold prices to average above $2,000, Silver to average above $30 through 2024

Gold and silver’s impressive rally this summer is just the start of the precious metal bull market, according to one Canadian Bank. In a report published Tuesday, commodity analysts at Canadian Imperial Bank of Commerce (CIBC) upgraded their gold and silver forecasts for the rest of the year into 2021. The analysts said that they see gold prices averaging the third quarter around $1,925 an ounce. The average goes up to $2,000 for the fourth quarter, the analysts said. Looking ahead, CIBC sees gold prices averaging $2,300 an ounce in…

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Gold needs to be embraced as portfolio diversifier – experts

Gold needs to be embraced as portfolio diversifier: Experts

There is a need for investors to embrace gold as a portfolio diversifier and for hedging strategy especially in the current environment that presents uncertainties, according to experts. The yellow metal is expected to have a good run in the coming times as demand will emerge, and it should be seen as part of portfolio diversifier by an investor at this juncture. The experts said this in a webinar on ‘Gold Investment Opportunity and Price Outlook’ organised by the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday, The Economic…

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Illegal gold smuggling costs Nigeria $3b – Buhari

Gold smuggling

Forecasts $500m yearly earnings from royalties, taxes   President Muhammadu Buhari has decried that Nigeria lost close to $3b from 2012 – 2018 due to illegal smuggling of gold. He spoke yesterday during the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) at the Presidential Villa, Abuja. The president, who restated the determination of his administration to combat illegal mining activities, said improved gold mining operations in the country would generate no fewer than 250,000 jobs and over $500m annually in royalties…

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