For any asset to set a new record high in price and performance, is an exciting time, to say the least. Especially when that asset is gold.
In 2020, when gold broke its previous historic all-time high price of $2,000, many pegged its performance to the unexpected impact that COVID-19 had on the economy.
And although we have yet to completely eliminate the virus and recover from its aftereffects, we certainly seem to be headed in the right direction.
According to precious metal experts, firms, and analysts worldwide, gold’s rush back to $2,000 and above may just be starting.
Compiling the insights and predictions from over 16 of the world’s top financial firms, the average end-of-year price for gold may be upwards of $2,300 per ounce.
“Maybe we’ll see $2,400 – $2,500 before the inevitable pullback and consolidation? It wouldn’t surprise me, nor should it surprise you if it comes to pass. For now, though, let’s just go with the year-end target of $2,300,” claimed a Zero Hedge contributor.
Even top analysts at Citibank are calling for a $2,400 gold price within 6 to 12 months. Nearly a 28.7% gain in under a year. Impressive for any asset, particularly gold.
Goldman Sachs is calling for gold to reach levels of $2,300 per ounce in large “thanks” to a 3% increase in inflation. As we have learned in the past, a disturbing fact about inflation is that the predictions around might be too conservative.
Although high, 3% may be the best alternative outcome that we could hope for, but of course… only time will tell.
Closely following Goldman’s prediction, ANZ’s Richard Yetsenga also believes that the precious metal can easily see prices upwards of $2,300. With the main catalysts being stimulus packages and money printing.
Then there is Bank of America, who is forecasting that gold could reach $2,063 per ounce this year.
The majority of these forecasts point toward gold performing steadily well in 2021.
Price targets and predictions aside, these experts share very similar foundational beliefs as to why gold will again break its all-time high in 2021.
They have studied, invested, traded, and lived in these markets for decades. After all, they are considered experts for a reason.