2018 Will Be Gold's Time to Shine

The comments above & below is an edited and abridged synopsis of an article by Birch Gold

JP Morgan's outlook for gold in 2018 is positive, especially in the second half of the year. During the first half of 2018 gold should average $1,295 an ounce, with the average climbing to $1,340 in the second half, said the bank in its 2018 Global Commodities Outlook.

The pressure of additional interest rate hikes should bring down real rates and support precious metals. Some investors are treating a drop to $1,245 as a buy signal, and silver could outperform gold in the new year.

Platinum and palladium should maintain prices in 2018, with platinum taking the lead near year end.

Forbes' Steve Hanke thinks Turkey is another country with currency problem. He believes that Turkey is a particularly severe example of a nation's currency losing credibility, with the lira plunging since 2008.

Transactions in foreign currencies comprise 70% of the deposits in Turkey's banking system, and the public has little faith in President Erdogan's chosen means of exchange. With foreign reserves dwindling, it's clear that something needs to change.

Although London and New York are firmly positioned to dictate the price of gold, recent trends in bullion trading could provide a shake up to the status quo. China and Russia could set the gold price based on physical trading.