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Gold between $2,700 to $3,000 - World Gold Council's Joe Cavatoni says a lot of the market expects metal to rise

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By Michael McCrae and Matt Watson
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Gold between $2,700 to $3,000 - World Gold Council's Joe Cavatoni says a lot of the market expects metal to rise teaser image

(Kitco News) - Gold is well supported with a number of factors favoring the metal, said Joe Cavatoni, senior market strategist for the Americas, World Gold Council.

Last week Cavatoni recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.  

Geopolitical concerns and strong central bank buying are some of the factors supporting gold.

"You've got all the key elements of what's making up a really, really amazing picture for the gold market," said Cavatoni. "Central bank buying is pretty amazing, and it's pretty fundamental."

Jewelry demand is currently under pressure due to high prices. The technology sector's demand is growing but still relatively small. Cavatoni said the WGC doesn't forecast gold prices, but he is seeing a lot of market expectations for $2,700 to $3,000 gold.

"We see a very strong case to support those estimates in terms of the overall trajectory of the gold market."

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Green Rush is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.

Revival Gold is listed on the TSX Venture Exchange under the ticker symbol "RVG" and trades on the OTCQX Market under the ticker symbol "RVLGF". The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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Matt Watson

Matt Watson, Founder and President, Precious Metals Commodity Management LLC

Matt is an Operations executive with over 30 years of international and domestic experience, including various engineering, statistical consulting, and supply chain commodity management positions.

Matt spent the first 15 years of his career teaching and consulting in statistical methods in a wide range of industries. Matt then transitioned to the Hard Disk Drive sector for 17-years, most of that time with Seagate Technology. It was here that Matt managed $540M in platinum and ruthenium positions.

Recently, Matt led Tanaka’s North American R&D and Marketing efforts for Tanaka America Inc. Matt helped lead the deeper penetration of the HDD market PVD targets, micro machined medical components and medial PGM wire product markets, and semiconductor/OLED wet chemistry markets.

Matt is now consulting once again, this time with Precious Metals Commodity Management LLC. This new consulting entity supports clients with precious metals market research, risk management, trading/hedging, and design and process thrifting. Matt is working clients in the hard disk drive sector, mining, connector, PVD target fabrication sectors, and precious metals analysts. Matt has developed extensive three way auto catalyst demand models and forecasts, and is a student of the apparent structural deficits in palladium, rhodium, ruthenium, and iridium.

Tags:

Precious Metals Commodity ManagementGreen RushPodcastsjewelry demandWorld Gold CouncilJoe CavatonigoldMatt Watson

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.