(Kitco News) – The gold market continues to move from one record close to another, even as its all-time highs remain elusive, which should attract investors’ attention, according to one fund manager.
Regardless of whether the gold’s four-day rally to $2,150 an ounce is sustainable or not, prices are going higher in the long term, said Ryan McIntyre, Managing Partner at Sprott Inc., in an interview with Kitco News.
Although some analysts are warning investors that the gold market is a little overstretched and could see a correction by the end of the week, McIntyre said that investors should ignore the near-term price action and focus on the bigger picture. “Long-term, this is not the top for the market,” he said.
McIntyre pointed out that gold’s rally started in earnest Friday following disappointing manufacturing data. He said that he expects recession fears to continue to grow, creating further safe-haven demand for the precious metal.
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