In the past gold prices has stalled mining activity and lowered appetites. These precious metals have had a tough time surviving but not now. According to Kitco News; the pre-eminent get-together of mining professionals in Australia was interviewed and they all shared something that was worth knowing. The interviewer was surprised with the positive, strong and sentimental views from the packed conference. Although the gold trading range-bound was a struggle because the market couldn’t break past the $1,300 mark resistance level, the professionals had an optimistic approach.
“In case you had any doubt, trade wars are no joke and will have real implications on the global economy”, says Brian Sheahan( Executive Chairman of Morgans, an Australian brokerage firm).
One of the members attending explained that in Northern America, various investors have been lukewarm towards all these precious metals. The fear of trade war is coming closer; people are expecting it to happen in reality. It is important to realize that geopolitical tensions are currently flaring in the Middle East. Not to mention the friction with Iran, one thing is certainly clear the Australian miners are ready to go on a global level and are planning to drive up the gold prices.
“I think the observation so far is that there’s a lot of talks, a lot of posturing, probably a lot less action, so it’s been good. Obviously, as any sensible person would say, a trade war would not be good for the global economy,” Sheahan said