Gold : Eryilmaz Points to April 21 as a Turning Point
The markets are once again bustling with activity. Gold investors, who have been seeking answers to the question, 'Why aren't gold prices rising?' have been left in the dust as silver has emerged as the star of the week with a 5.5% surge. Renowned economist Filiz Eryılmaz issued critical warnings about gold and silver prices. Eryılmaz highlighted the dates of April 21-22 for gold prices, emphasizing that she does not anticipate any drastic drops throughout the year. On the other hand, Eryılmaz pointed to the end of the ceasefire for other valuable investments, primarily oil, stating, 'Forget the old prices.'
Renowned economist Filiz Eryılmaz has drawn attention to the dates of April 21-22.
The global markets are all ears for news from the Middle East. Economist Filiz Eryılmaz has pointed out that the markets are currently pricing in the strongest 'war is ending' scenario, however, the risk is still at the doorstep. Eryılmaz emphasized that the dates of April 21-22 mark a milestone for the ceasefire process, stating, 'The market is currently pricing in the 'war is ending' scenario, but on the other hand, it's apprehensive; because the news flow can swiftly take a turn for the worse. Therefore, the news flow will be closely watched until April 21. After that, the focus will shift to what's going to happen next: Can they truly reach an agreement, is this situation turning into a lasting peace? These will be the points of interest.'
Filiz Eryilmaz shed light on why gold has not reached the anticipated record highs.
Filiz Eryılmaz, who has been closely monitoring gold prices, noted that she finds the recent surge in gold somewhat restrained. Eryılmaz stated, 'The situation with gold is significant. There's an increase in ounce gold, approximately around 1.7%. In gram gold, domestically, we're looking at a rise of about 2%. However, I don't see this surge as particularly strong. I'm comparing it with silver; because there's an increase of around 5.5% in silver, and for the past week, silver has managed to surpass gold.'
Economist Filiz Eryılmaz explained why gold remains weak with the following remarks:
'There are two primary reasons for gold's relative weakness. The first one is the investors' shift towards stock markets. Currently, there's a serious rally in the stock markets, even breaking historical records. Particularly, the banking sector is leading this surge. With the change in market expectations, this pressure eased off, and investors turned towards riskier assets.
The second reason is the strong performance of silver. The gold/silver ratio is dropping. The reason for silver's stronger rise is its status as an industrial metal. If a war is ending, economic growth won't be severely damaged, and production will continue. This, in turn, increases the demand for silver.'
Will gold prices take a plunge? Or are they set to soar?
Economist Eryılmaz expressed that he does not anticipate a steep decline in gold prices:
'There is an uptick in gold, but it's not as robust as desired. Nevertheless, the current levels are valuable. As oil prices recede and news flow turns positive, it can be expected that gold will continue its gradual ascent. However, if the news flow reverses, we may see renewed pressure on both gold and silver. Still, I wouldn't count on any drastic drops in the short term.'
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