According to Jinshi, TD Securities strategists said that spot gold could be well above the $2,300 level for some time next quarter. Lower policy rates will significantly reduce real interest rates, spreads and opportunity costs, which should attract speculative and ETF investors to re-enter the market. This will work in conjunction with the physical market and relative positions that are biased towards the short end to allow gold prices to break through $2,300 for some time later this year. There is a high probability that U.S. monetary policymakers will begin to cut interest rates before inflation reaches the desired level, suggesting that long-term investors interested in wealth preservation may increase their portfolio weighting of gold. The desire of politicians elected by the U.S. election results to cut taxes and increase spending at the same time may also be a reason for investors and central banks to continue buying physical gold.