MS acknowledge an increased risk to their call for higher gold prices
- H1 2020 outlook is for 1515 USD/oz
MS notes the risk of gold falling toward its bear case of USD1394/oz in H1 of 2020 if tariffs are rolled back
- Lower prices will, though, attract buyers back in
- Also note that they expect a weaker USD to support gold near term
- Fed to hold through next year …. will pressure haven assets, benefit equities
