Goldman Sachs Jeff Currie says gold prices could rise beyond $2,000 an ounce if the Fed tolerates above-target inflation. While this is not our base case, we see the tail risk of above-target inflation as a potential driver for gold prices beyond $2,000. Roth Capital said precious metals and related equities could significantly outperform the market in 2020 and peak in 2022. Bloomberg reports that Roth sees gold rising to as much as $2,200 per ounce and silver to as much as $27.50. Analysts say that the Fed buying debt and inflating its balance sheet, coupled with the government printing money, bodes well for precious metals and their equities.
· HSBC chief precious metals analyst James Steel said in a note this week that silver could see further gains in this year and next as coin and bar demand may rise further as investors seek out hard assets. Although the 2020 forecast was lowered, the bank forecasts a supply deficit of 154 million ounces amid virus disruptions to mining. |
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