Gold prices rose to levels not seen for a long time after Russia’s invasion of Ukraine. However, cryptocoin.com As we have also reported, there was a slight retreat. Commenting on the current price situation, Gold and Money Markets Specialist İslam Memiş said that if the value of a gram of gold falls below 900 liras, investors can make “incremental investments”. Here are the details…
Islam Memiş: Gold investor should be careful
Islam Memiş evaluated the latest developments in gold prices. The expert gave the levels he expected while stating that gold investors should be very cautious. For a while, Islam Memiş stated that the levels he expected for 2022 were $2,150 per ounce and 1,450 liras under grams. An ounce of gold managed to climb above $2,000 this week. These levels had not been seen since 2020. While the coronavirus panic was behind the rise in 2020, this time there was the war factor. Noting that gold “likes misty weather”, Memiş informed that “gold is seen as a safe harbor as long as there is a risk of war”.
However, he said that even if there is no war, he thinks that gold may exceed $ 2,000 due to the high levels of inflation. “We are in reverse pricing and we are having extraordinary days,” he said. Considering the increase in the value of the dollar index, he pointed out that a new rapid increase can be seen in the ounce. However, he stated that investors should be cautious, and that the current aggressive rises under ounce were experienced within a 3-week period. So, from a technical standpoint, he thinks a fix should be seen.
Will the rise continue?
According to Memiş, the rise in gold may fluctuate again with news flows. Like its rise, it can also fall as quickly. For this reason, he states that investors can invest 50 percent of their assets in depreciating investment instruments and uses the following statements:
While there are great rises in gold and dollars, there is a rapid retracement in parities and a rapid downward trend in cryptocurrencies. Euro-dollar parity is in the 1.0865 band, the pound-dollar parity is in the 1.3265 band. Considering this downtrend, I think it is an opportunity for the investor to convert 50 percent of their holdings into parity to spread the risk.
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