Why $2,500 gold price didn't happen this year; 'We were surprised' says E.B. Tucker
(Kitco News) - Given the political and economic environment that we're in, gold should be much higher, said E.B. Tucker, author of "Why Gold, Why Now."
Tucker had predicted gold to hit $2,500 an ounce by year-end of 2020, he is now updating his views and sees the price to hit that level by next year.
“We think as soon as the grinding is done at $1,900, you pop up into the low $2,000s and you hit $2,500 next year. We were surprised that the rally to August didn’t carry on. We felt like some of the fundamentals were in place for it to carry on, but we underestimated the pullback,” Tucker said.
Tucker said that gold’s underperformance since August, 2020 is unlikely due to the rise of bitcoin.
“Gold is a $12 trillion market, this is not like crypto which is a $1 trillion market, they’re very different. I think bitcoin is very different, it’s not the same as gold. People say to me, is bitcoin digital gold? And I say no, it’s not digital gold because gold is not digital bitcoin,” he said.