the other mike
Diamond Member
So as oil went up to $10 a barrel today....( when is the last time you heard that 1965 ?), gold is suddenly on the rise. It seems like speculation but is it really market manipulation ?
Central banks' stimulus frenzy amid the coronavirus pandemic will drive gold to a lofty record by October 2021, Bank of America projected in a note.
The firm's analysts lifted their 18-month price target for the precious metal to $3,000 per ounce from $2,000 on Monday, praising gold as "the ultimate store of value" amid the severe economic downturn. After an initial sell-off and subsequent rebound, the safe-haven asset sits near its highest level in eight years, but Bank of America reckons potent easing policies around the world will send its value 50% higher than its all-time record.
Central banks' stimulus frenzy amid the coronavirus pandemic will drive gold to a lofty record by October 2021, Bank of America projected in a note.
The firm's analysts lifted their 18-month price target for the precious metal to $3,000 per ounce from $2,000 on Monday, praising gold as "the ultimate store of value" amid the severe economic downturn. After an initial sell-off and subsequent rebound, the safe-haven asset sits near its highest level in eight years, but Bank of America reckons potent easing policies around the world will send its value 50% higher than its all-time record.
Gold prices will nearly double to a record $3,000 as central banks fuel 'financial repression,' Bank of America says
Monetary authorities are spending trillions of dollars to keep economies stable, creating a perfect situation for gold to rally, the analysts said.
markets.businessinsider.com