Gold Price: And The Survey Says... Bull!

The price of gold has been a primary topic of discussion among the investing community, and for good reason. The price of the precious metal has climbed dramatically throughout the first half of the year, and considering global circumstances, it is likely to climb further. In fact, a recent survey from Kitco News shows that both Wall Street analysts and investors are expecting gold to maintain a bullish run in the week ahead. Today, we'll talk about the results of the survey, why everyone seems so bullish on gold, and what we can expect to see from the precious metal moving forward.

Kitco Gold Price Survey Results

As mentioned above, Kitco, a leader in gold and gold news, recently held two surveys. One of the surveys looked into the sentiment among analysts surrounding gold while the other looked into investor sentiment. Here are the results...

Wall Street – The first survey, titled Wall Street by Kitco was a survey of 23 different analysts and professional traders. The survey asked respondents how they felt about gold in the coming week and offered 3 different answers: Bullish, Bearish, and Neutral. The results that were published show that Wall Street is clearly bullish on the commodity. While 17% of respondents said that they were bearish on the price of gold, a whopping 65% of those surveyed said that they were bullish.

Main Street – Another survey performed by Kitco was titled Main Street. This was an online survey in which 852 votes were cast. Yet again, this survey showed an incredibly bullish result. 80% of respondents to the Main Street survey said that they were bullish, with only 13% maintaining a bearish view.

Why Is the Financial Community So Bullish On Gold?

The reason behind the bullish views surrounding gold's price is relatively simple. Gold is a precious metal that is known to be a safe-haven investment. This means that when economic and market conditions are concerning, investors tend to look to gold as a way to keep their money safe.

Well, look around! Economic and market conditions around the world are troubling to say the least. In the United States, job growth is slowing down, adding the US economy to the massive amount of economies around the world that are facing hard times. On top of that, on Thursday this week, the British people will vote for, or against, a Brexit; a move that could send safe-haven demand for gold skyrocketing. All in all, there are very good reasons to be bullish on gold at the moment.

What We Can Expect To See Moving Forward

Moving forward, I have an overwhelmingly bullish opinion of what we can expect to see from the price of gold. The truth is that as a safe-haven investment, all signs seem to be pointing towards gains. I've maintained this opinion for quite some time. In fact, in the middle of last year, I remember telling my friends and family that it was time to buy gold as economic signals showed struggles to come. Throughout the rest of this year, I don't expect for much to change. As a result, I'm expecting for 2016 to be an incredibly good year for the price of gold.

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