Gold's big strides and its ultimate $10K price target
(Kitco News) Gold is making some big strides, rising above $1,900 an ounce for the first time since January. And gold bulls now want to see the $2,000 an ounce gold price target happen.
Some of the main triggers behind the move are a weaker U.S. dollar and crypto volatility. Here's a look at Kitco's top three stories:
3. Central banks’ interest in gold is heating up. The International Monetary Fund data show that the Bank of Thailand bought 43.5 tonnes of gold in April.
2. Ray Dalio, founder of Bridgewater Associates, said he prefers to own bitcoin over bonds, adding that he now owns some bitcoin. Dalio did not specify how much he owns. But he did say that bitcoin’s biggest risk is its success.
1. Gold’s ultimate price target is between $5,000 and $10,000 an ounce, says Guggenheim's CIO Scott Minerd. According to him: “As money leaves crypto and people are still looking for inflation hedges, gold and silver are going to be much better places to go.”