Goldman Sachs sees a big upside in gold raising its target price to $2,500 an ounce by the end of the year.
The investment bank cites recession worries and persistent inflation as reasons to be bullish on gold.
Sell dollars and buy silver. That’s Goldman Sachs’ recommendation.
We’ve been warning about a dollar collapse. Now the mainstream is even getting bearish on the dollar.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
In his most recent podcast, Peter Schiff said gold could explode at any minute. Maybe the mainstream was listening because some big players, including Goldman Sachs, have suddenly turned bullish on gold.
Commodity analysts at Goldman say they expect gold to “outperform” in the coming months due to an uptick in inflation and “increased risk” of a stock market correction. According to a CNBC report, it’s the first time in more than five years Goldman’s commodity analysts have been bullish on the yellow metal.
A recent note to clients authored by Goldman Sachs analysts, including Jeffrey Currie and Michael Hinds, emphasized the continuing importance of gold and silver to investors, saying precious metals remain a relevant asset class in modern portfolios. The report focused on precious metals’ durability and intrinsic value, noting they are neither a historic accident nor a relic, even with new assets such as cryptocurrencies emerging.
The use of precious metals is not a historical accident – they are still the best long-term store of value out of the known elements.”
The note also focused on Bitcoin, saying investors shouldn’t consider cryptocurrencies the “new gold.”
