SocGen is not looking to sell its gold until prices hit $4,000 | Metals Mine

  • SocGen is not looking to sell its gold until prices hit $4,000

    From kitco.com

    Gold may be a crowded trade as prices consolidate below $3,400 an ounce, but one firm is not ready to give up on the precious metal just yet. Société Générale's market strategists are maintaining their 7% exposure to gold through the third quarter, viewing the metal as both a strong momentum play and a hedge against ongoing geopolitical uncertainty. In its updated Multi-Asset Portfolio strategy, published Thursday, strategists at the French bank said they are in no hurry to take profits, with prices still below their target of $4,000 an ounce. The analysts remain bullish on gold as central banks continue to ... (full story)

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