Gold prices will nearly double to a record $3,000 as central banks fuel ‘financial repression,’ Bank of America says
- Gold will rally 80% over the next 18 months as central-bank stimulus and economic turmoil drive record interest, Bank of America analysts forecast in a Monday note.
- Monetary authorities are spending trillions of dollars to keep economies above water. The widespread spending will place incredible pressure on currencies, pushing investors to gold and its scarcity, the bank’s analysts said.
- There’s still plenty of room for investors to pile into the metal, the bank added. Positioning “has been surprisingly weak” even after gold’s rally in late March, and a massive influx of capital will send prices soaring through the year.
Stevebidmead / CC0