{"id":53960,"date":"2020-06-30T14:16:41","date_gmt":"2020-06-30T19:16:41","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53960"},"modified":"2020-06-30T14:16:49","modified_gmt":"2020-06-30T19:16:49","slug":"citibank-joins-mainstream-gold-bulls-forecasting-record-prices","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53960","title":{"rendered":"Citibank Joins Mainstream Gold Bulls Forecasting Record Prices"},"content":{"rendered":"\n

Citibank Joins Mainstream Gold Bulls Forecasting Record Prices<\/a><\/h3>\n\n\n\n
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Citibank has joined other mainstream gold bulls calling for record gold prices.<\/p>\n\n\n\n

Citi raised its gold price forecast<\/a> this week. It now projects a three-month price of $1,825 per ounce and for the yellow metal to head into record territory in 2021. Citi analysts expect gold to eclipse the $2,000 mark early next year.<\/p>\n\n\n\n

Citibank joins several other mainstream players that now project record gold prices in the coming months. Last week, we reported Goldman Sachs now forecasts record gold prices<\/a> within the next 12 months and Bank of America released a note<\/a> saying gold could break its US dollar record by the end of the year if it continues to breach key resistance levels.<\/p>\n\n\n\n

Meanwhile, SGMC Capital Founder & CEO Massimiliano Bondurri told Bloomberg<\/em><\/a> he thinks gold may hit close to $2,000 by the end of this year and could rally further due to dollar weakness.<\/p>\n\n\n\n

It can rally much, much further than here, for a number of reasons. First of all, we expect dollar depreciation to continue, so that\u2019s likely to benefit gold.\u201d<\/p><\/blockquote>\n\n\n\n

And Edison Investment Research is even more bullish, saying gold has the potential to go as high as $3,000.<\/p>\n\n\n\n

Gold has been on a strong run over the last couple of weeks as the number of coronavirus cases has surged. Bullion is up better than 12% in this quarter.<\/p>\n\n\n\n

Safe-haven demand has given gold a boost, but the big driver is\u00a0the Federal Reserve and its unprecedented money printing<\/a>. As\u00a0US Global CEO Frank Holmes recently pointed out<\/a>, there is a strong correlation between the expansion of the central bank\u2019s balance sheet and the price of gold. We\u2019ve\u00a0already seen the balance sheet balloon<\/a>\u00a0by over $3 trillion in response to the coronavirus pandemic and it currently stands at over $7 trillion. Holmes said he thinks the central bank will likely grow its balance sheet to $10 trillion before all is said and done. If history is any teacher, that could mean $4,000 gold.<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Citibank Joins Mainstream Gold Bulls Forecasting Record Prices Citibank has joined other mainstream gold bulls calling for record gold prices. Citi raised its gold price forecast this week. It now projects a three-month price of $1,825 per ounce and for the yellow metal to head into record territory in 2021. Citi analysts expect gold to eclipse […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3405,374,3622,538,3650],"class_list":["post-53960","post","type-post","status-publish","format-standard","hentry","category-economics","tag-citibank","tag-gold","tag-gold-price","tag-money-printing","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53960"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53960\/revisions"}],"predecessor-version":[{"id":53962,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53960\/revisions\/53962"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}