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Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital had presented an extremely bullish view on gold in a July 2016 interview with CNBC, predicting at the time that it could hit all-time highs in the subsequent 18 months.
Back then, Gold was trading at $1,340. On Wednesday, the precious metal was trading at about $1,289.
Speaking to CNBC's "Squawk Box" on Wednesday, he defended the commodity, saying that "from a fundamental point of view, I think we're going to get a break out on the upside." Still, he acknowledged that gold had been basically flat over the last year.
"Look, the markets don't always move (too well) in the short term, but I think in the medium term it does," he said, pointing to gold's strong historical performance. "I think this trend will continue until we start seeing again stability coming into the financial system and government behavior."
Part of the bullish case for gold, according to Kiener, is an emerging distrust towards U.S. geopolitical behavior, and accelerating physical gold purchasing in the rest of the world.
While some may be discussing the dollar or equities' impact on gold, Kiener said the driving factor behind the metal's price will become "the loss in trust of leadership and governments and financial markets." With only a small percentage of the global assets currently devoted to gold, Kiener said it would make sense for more investments to pour into such alternatives.
Looking to the medium term, within eight to 18 months, Kiener said gold's first resistance is between $1,400 and $1,450, and if that breaks, then the metal would test its all-time highs.
In a week dominated by mounting geopolitical tensions, "safe-haven" assets such as gold and low-risk government bonds rose. The metal price increased to about $1,289 an ounce from a low of $1,198 in March.