Analysts parse Citigroup’s call for $2500 gold

CNBC/Lizzy Gurdus

“Gold’s 2021 prospects look bright. Citigroup in recent weeks came out with a $2,500 price target on the yellow metal for 2021, comparing its mosaic of catalysts to that of gold’s 1970-1980 bull market.”

USAGOLD note:  Some might question Citigroup’s call after a week that saw the metal plunge almost $100, but gold has a long history of recovering from these kinds of selloffs. Graniteshare’s Will Rhynd, one of the analysts interviewed at the link above, says “the conditions that drove gold to an all-time high this year are very much still in place.” In fact, even with gold’s correction this week taken into account, the metal is still up almost 17% year to date through Friday’s close.

line chart showing percentage appreciation for gold year to date through 11-26-2020Chart courtesy of • • • Click to enlarge

Repost from 11-30-2020

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