Over the last few weeks, a number of mainstream banks and financial institutions have issued bullish outlooks for gold, forecasting record prices. Citibank projects $2,000 gold by early next year. Goldman Sachs now sees record gold prices within the next 12 months. And Bank of America released a note saying gold could break its US dollar record by the end of the year. Meanwhile, SGMC Capital Founder & CEO Massimiliano Bondurri told Bloomberg he thinks gold may hit close to $2,000 by the end of this year and could rally further due to dollar weakness.
Now, a hedge fund manager who has returned 47% so far this year says he sees gold rising to $3,000 and possibly as high as $5,000 in the next three to five years because of inflation central banks are powerless to control.