Why Gold Could Hit $3,000 this Year

July 27, 2020, By fierce,

Gold could hit $2,000, even $3,000 this year.

At the moment, the metal is up to $1,941 after gaining $40 on the day.

From here, we could see $2,000, says Goldman Sachs.  Meanwhile, analysts at Citi say gold, “is expected to climb to an all-time high in the next six-to-nine months, and there’s a 30% probability it’ll top $2,000 an ounce in the next three-to-five months.”

Bank of America believes we could see gold run to $3,000.

In addition, according to Forbes, “If another stimulus package becomes a reality, a highly likely scenario, it is pretty much a given that the equity markets will rise. However, this will strengthen the argument that the current stock market may not last because stimulus measures power it. Under those circumstances, we may see even more interest in gold prices.”

Elliott Management’s Paul Singer says gold is “one of the most undervalued” assets available and that its fair value is “multiples of its current price.”  JPMorgan Chase advises investors to hedge their risk with gold.

Plus, central banks around the world have turned on the spigot with endless money printing in an effort to prop up the global economy. The U.S. Federal Reserve, for example has pumped trillions of dollars of liquidity into markets.

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