homevideos Newsmarket Newscommodities NewsThe year ahead will be one for gold and silver: Axis Securities' Pritam Patnaik
The year ahead will be one for gold and silver: Axis Securities' Pritam Patnaik
In an interview to CNBC-TV18, Pritam Patnaik, Head of Commodities at Axis Securities said that the coming year is going to be the year for the gold and silver. In gold he expects to see levels of Rs 55,000 to 56,000 by the end of the next year and in the case of silver, he is a little more bullish at about Rs 67,000.
The uncertainty in the equity markets amongst the looming recession concerns has every investor in search of a safe haven. The commodity markets have proven to be one such haven with crude oil and gold giving much higher returns than the traditional equities in the Indian market.
So is it time for you to switch your focus to the commodities market? To take this discussion forward, CNBC-TV18’s Manisha Gupta spoke to NS Ramaswamy, Head of Commodities at Ventura Securities; Anuj Gupta, VP of Research at IIFL Securities; Ajay Kedia Director at Kedia Advisory and Pritam Patnaik, Head of Commodities at Axis Securities.
On gold and silver, Patnaik said, “I am fairly confident that the coming year is going to be the year for the gold and silver. My sense in gold is that I won't be surprised to see levels of Rs 55,000 to 56,000 by the end of the next year and in the case of silver, I am a little more bullish at about Rs 67,000.”
Ramaswamy said, “So although I vouch for whatever Pritam has said I would add on to that is the industrial metal on the copper, because the LME and the Shanghai inventories are dropping and the way the way that ICSG is talking about the deficit of close to 3,25,000 tonne in copper and that sort of number, which is giving an inventory for a global consumption close to around 4.9 days and by year end, it is likely to be even 2.7 days."
"So looking at copper, I feel copper could be sure short bet with the current LME price, hovering around $7400-$7,500 in LME. We could expect it to again go back or rally up to around close to $8,500,” he said.
For full interview, watch accompanying video
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