Posted on 04/21/2020 9:35:43 AM PDT by blam
Bank of America analysts today increased their target price for Gold by almost 50% to $3,000 an ounce.
In a note titled : ” the Fed can’t print Gold” the analyts argue that fiat currencies will increasingly come under pressure from all the liquidity being pumped out by global central banks combating the Coronavirus.
This is expected to make Gold more attractive as an asset class to investors.
“As economic output contracts sharply, fiscal outlays surge, and central bank balance sheets double, fiat currencies could come under pressure”
Bank of America analysts today increased their target price for Gold by almost 50% to $3,000 an ounce.
In a note titled : ” the Fed can’t print Gold” the analyts argue that fiat currencies will increasingly come under pressure from all the liquidity being pumped out by global central banks combating the Coronavirus.
This is expected to make Gold more attractive as an asset class to investors.
(snip)
(Excerpt) Read more at businessday.ng ...
The Bank Of America was originally named, The Bank Of Italy.
(They changed their name after the big earthquake, FYI.)
So, is the local coin shop selling essential Kurgerands?
Gold will take a big hit after the market settles after the virus settles.
$3K is a pipe dream, IMHO. I hope I’m wrong, but I don’t think I will be. Sure wish Little Sister Silver would get her act together! ;)
Some selling off going on, today.
I’m with you on this.
Not true, the name changed when they bought out a small bank in L.A. called "Bank of America, Los Angeles" in the late 1920s, and changed the name officially to Bank of America in 1930.
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Nevertheless, I wonder how much Moynihan and his buddies have in gold secretly stashed for "personal use"???
I could use a few Kruggerands.
In a recent article it was exposed how there is at least 10x more gold being bought & sold daily than what actually exist.
A certain gold trader was even sued for having charged STORAGE FEES on gold, when actually what the clients owned was just a piece of paper saying that they owned some option on shares of gold and there was never any real gold being held.
And then there are the many horror stories of Tungsten filled Gold Bars with all the right serial numbers and chain of custody documents....
Reminds me of an old Dutch joke: A guy traded in barrels of pickled herrings. One day his wife opened up some of them, discovered they were rotten, and panicked, screaming they were ruined. The husband reassured her - they were "trading herrings", not "eating herrings".
Can’t take gold to your local Walmart for buying stuff.
When people are hungry a can of beans is worth its weight in gold.
Is this real? I can’t find any reference to this anywhere else. Kitco would have something this dramatic but it is nowhere on their news feed.
Fake news???
At that point a box of ammo will get you several cans of beans.
Belay my last post. Bloomberg has it.
https://www.bloombergquint.com/business/bofa-raises-gold-target-to-3-000-as-fed-can-t-print-gold
> Can’t take gold to your local Walmart for buying stuff.
When you actually need to use it, it will be accepted.
Further, if any reputable merchants exist by the time you need it, you can run an account surplus. e.g. I need $500 worth of car parts; I pay with $1800 in gold; I get a $1300 account credit. For solid merchants only.
Your assertion is another reason to have silver rounds on hand.
Currently something like a $15-dollar piece.
Gold is worth its weight in Toilet Paper.
It is B of A making this prediction...not so sure I trust them a bit.
I just wish gold would find a bottom at $1700/oz
Depending upon how many people are protecting those beans and how many cans of beans they're protecting.
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