ANZ Banking Group
(ASX:ANZ) has predicted the gold price could more than double by 2030 on the back of strong demand from Asia and a finite supply of the commodity.
From a current price of $US1,150 per ounce ANZ has forecast the precious metal could fetch $US2,400 in about 15 years time.
The bullish prediction is fuelled by the liberalisation of Asia’s financial system, growing wealth of its populations and accumulation of physical gold by Asian central banks.
ANZ Chief Economist Warren Hogan says Asia’s rise will have profound implications for the gold market and will support a long term and significant increase in the gold price.
The bank has also advised it is one the world’s largest distributors of physical gold and handled the equivalent of 12 per cent of global primary production in 2014.
ANZ Banking Group reported a net profit of $7.28 billion in the 2014 financial year.
