Gold hits $2000 for the first time ever !
Gold prices hit $2000/oz for the first time, in a $23 rally yesterday. Gold was lower at the start of North American trading but quickly turned around and has shot higher and higher.
It’s a historic day. People have been talking about $2000 gold for over a decade.
“I was really impressed with the resilience earlier today and evidently that thinking percolated. I’ve been a gold bull for a long time and it’s nice to see,” said a gold trader.
The global pandemic is providing a sustained boost to gold due to increased savings, growing inequality, vast capital destruction, declining productivity, rising public debt levels, and, most importantly, falling equilibrium real interest rates.
BANK OF AMERICA’S: GOLD $3000 IS NEXT
“We believe that a clouded geopolitical chessboard further supports the case for our $3,000/oz forecast over the next 18 months. How does gold fit into the broader macro picture?
With governments around the world boosting their damaged economies with a host of fiscal packages focused on the environment, we also see upside in other precious metals, including silver, platinum and palladium.
How high could these metals go?
“There’s a saying in technical: buy smiles and sell frowns. So if you look at a chart and is smiling at you, smile back and be long. Gold is likely going higher,” said Paul Ciana, Chief FICC Technical Strategist.
