Investment Manager Predicts Gold Could Hit $3,000 This Year – Markets and Prices Bitcoin News
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Investment manager and gold bull Peter Schiff recently predicted that gold could hit $3,000 this year. Schiff, who is the CEO of Euro Pacific Capital, made the prediction on Twitter, citing the current economic and geopolitical environment.
The price of gold has been steadily rising since the coronavirus pandemic began, and it has now reached a seven-year high. Gold is seen as a safe haven asset and its price has been buoyed by investors seeking a hedge against economic uncertainty.
Schiff believes that the current economic situation, with governments around the world printing money to fund stimulus packages, will lead to inflation and a devaluation of fiat currencies. This, in turn, will drive up the price of gold.
He also believes that the geopolitical situation, with tensions between the US and China escalating, could lead to further uncertainty and a flight to safety. This could also drive up the price of gold.
Schiff is not the only one predicting a rise in the price of gold. Other investment managers, such as Mark Mobius of Mobius Capital Partners, have also suggested that gold could reach $3,000 this year.
Analysts have suggested that a number of factors could lead to a further increase in the price of gold. These include increased demand from central banks, increased demand from investors, and a weakening US dollar.
However, while some analysts are predicting that gold could reach $3,000 this year, others are more cautious. They point out that gold prices are notoriously volatile and that any number of factors could lead to a sudden drop in the price.
Whatever the outcome, it is clear that gold is currently in high demand. Investors are seeking a safe haven asset in uncertain times, and gold could be one of the best options. Whether or not it will reach $3,000 this year remains to be seen.
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