Could gold prices reach $9,000?

TheStreet

image of 500 gram gold bar with chart in background“In the next five to ten years, gold prices could climb to $8,000 to $9,000, with silver following suit in this bull-run, due to the similar macroeconomic environment that we currently share with that of the 1970’s, when gold prices climbed several hundred percentage points, [Midas Touch Consulting’s Florian] Grummes noted.”

USAGOLD note: Implausible but not impossible, Florian Grummes bases his forecast on gold’s performance during the late 1970s went it rose nearly nine times from $100 to $890.  Prior to the 1970s, the  U.S. Treasury kept the price of gold at the $35 benchmark by selling reserves of the metal.  We do not have that level of artificiality in the pricing today so we would expect the reaction to be more restrained. However …… today’s unrestricted money printing,  on a scale much greater than what occurred before the 1970s run-up, might be an equally primal force in future pricing and just as influential.


Repost from 5-18-2020

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