At the recent London Bullion Market Association annual conference, the consensus opinion on the gold price for 2019 among 682 industry delegates was $1532 per ounce. The LBMA offers its opinion annually and it usually falls on the conservative side of the ledger. So its consensus opinion of an average price more than 25% higher than the trading range at the time came as a surprise.

“This is the most bullish forecast since 2012,”