Citibank has joined other mainstream gold bulls calling for record gold prices.
Citi raised its gold price forecast this week. It now projects a three-month price of $1,825 per ounce and for the yellow metal to head into record territory in 2021. Citi analysts expect gold to eclipse the $2,000 mark early next year.
Some people out there in the mainstream are saying now is the time to buy gold.
In recent months, the mainstream investment world has by and large either ignored the yellow metal or outright spurned it. After all, stocks are soaring. The economy is doing “great.” There’s nothing to worry about — at least that’s the mantra. But we’re starting to see a little bullishness for gold out there in the mainstream.
Last week, Peter Schiff did an interview on The Street and talked about the US stock market, saying, “Well, the bubble keeps getting bigger.” We’ve been talking about this ballooning bubble for months. After a while, it’s easy to blow us off as pessimistic contrarians who just don’t get it. But amazingly, large numbers of investors also believe the stock market is way overvalued.
But they keep buying anyway.
Bank of America called it “irrational exuberance.”
Not long ago, Federal Reserve chair Janet Yellen proclaimed an economic meltdown like the one we saw in 2008 will not likely happen again “in our lifetime.” Why? Because banks are “very much stronger.”
Apparently, at least some of the world’s big bankers don’t agree with Yellen’s assessment.
Over recent weeks, officials from a number of the world’s major banks have warned that the current trajectory is unsustainable, and a crash may loom on the horizon.