Original title: Canadian Imperial Commercial Bank (CIBC) said that the rise in gold and silver prices this year is only the beginning of a bull market in precious metals. Source: Huitong net

Canadian Imperial Commercial Bank (CIBC) says the rise in gold and silver prices this year is only the beginning of a bull market in precious metals.

In its latest report, ① Bank raised its forecasts for gold and silver prices, predicting an average gold price of $1925 / oz in the third quarter, an average price of 2000 in the fourth quarter, an average price of 2300 in 2021, an average price of $25 / oz in the third quarter, an average price of 28 in the fourth quarter and an average price of 32 in 2021.

② US real interest rates will remain low, the debt burden will increase, and the geopolitical uncertainties that follow the US election will further push gold prices higher.

③ although silver prices have performed well so far this year, silver may have better upside because the silver market is relatively smaller.

④ gold investors should continue to pay attention to real interest rates, which will be a key factor driving gold prices in the long run. Central banks are expected to continue to inject liquidity to support financial markets; they are now in another round of QE, and there is a lot of uncertainty across the market, especially as to how long the global recession will last

⑤ real interest rates will remain low, fundamentals have retreated to gold and silver rising, and if history repeats itself, gold and silver prices can rise again.

⑥ in addition, the dollar is expected to continue to weaken, which is also good for gold. The outbreak in the United States has not yet been brought under control, which means a new round of stimulus will follow, which will put pressure on the dollar. At a time when the United States has a lot of debt, high unemployment and facing trade uncertainty, the global dominance of the dollar will be challenged.