Gold is poised to rise above $2,000 an ounce next year, while lack of clarity on demand outlook and policies in China dim prospects for industrial metals, according to Merrill Lynch Wealth Management, which oversees more than $1.8 trillion for clients.
“We are holding gold at the moment,” Bill O’Neill, chief investment officer for Europe, Middle East and Africa, told reporters in London today. “We just use it as a form of diversification, a form of catastrophe insurance, but we are actually looking for a move above $2,000.”
