Fun

Investment Manager Predicts Gold Could Hit $3,000 This Year

News Feed - 2023-02-08 08:02:59

Investment Manager Predicts Gold Could Hit $3,000 This Year


Investment management and advisory firm Goehring & Rozencwajg expects gold to hit record highs this year. “I wouldn’t be surprised to see a $3,000 price this year,” said an executive of the firm. “It’s time for people to want to be bullish on gold.” Gold Heading for ‘Record Highs’ This Year


Investment firm Goehring & Rozencwajg’s managing partner, Leigh Goehring, shared his outlook for gold in an interview with Kitco News last week. Goehring has 32 years of investing experience specializing in natural resource investments. He co-manages the Goehring & Rozencwajg Resources Fund.


“Gold is going to hit record highs this year,” he began, noting that the metal peaked at $2,050 in August 2020 and again in March last year. The executive told the news outlet: This year we’re going to break through the all-time high … It’s time for people to want to be bullish on gold.


He believes that the Federal Reserve will stop raising interest rates and might even begin to lower them. “Then we’ll get another big inflation problem … This is the decade of inflation,” he warned. After a series of 75-basis-point interest rate hikes, the Fed raised its benchmark rate by 25 basis points last week.


Goehring expects investors to turn to gold once they realize that inflation will not come down to the Fed’s 2% target. “Right now, when inflation increases, the Fed raises rates, and people sell gold,” he described, adding: I think the psychology is going to switch to inflation going up, the Fed not raising rates or lagging behind, and inflation becoming a real problem.


The investment manager likened the current situation to what happened in the 1970s. “After the Fed started to aggressively raise rates starting in 1973, gold prices corrected by 45% … When the Fed finally gave up a few years later, inflation on a year-over-year basis was still at 5%,” he explained. Noting that the market will realize that the Fed’s rate hikes are ending and inflation is not done, the executive said: “Back to the 1970s, when people saw that inflation was still a big problem, that’s when the gold price began to go crazy after bottoming at the end of 1976.”


While admitting that he does not know “how high gold can go,” Goehring opined: I wouldn’t be surprised to see a $3,000 price this year.


Gold’s spot price stood at $1,869 per ounce at the time of writing, with gold futures trading at $1,882. Goehring is not alone in expecting gold to hit record highs this year. Market strategist Gareth Soloway believes that gold will be the best performer in 2023. Rich Dad Poor Dad author Robert Kiyosaki said in January that gold could hit $3,800 this year. Meanwhile, Harry Dent has predicted that gold may fall to the range of $900 to $1,000 over the next 18 months. Tags in this story fund manager, Goehring & Rozencwajg, Goehring & Rozencwajg gold, Goehring & Rozencwajg mutual fund, gold, gold prediction, gold price prediction, Harry Dent gold, investment manager, Leigh Goehring, Leigh Goehring gold, mutual fund manager, robert kiyosaki gold


Do you think gold will hit $3,000 this year? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million MARKETS AND PRICES | 22 hours ago Meme Coin Economy Swells by $5.8 Billion in Less Than a Month, Suggesting Demand for Meme Tokens Still High MARKETS AND PRICES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinbase-Backed DeSo Unveils MegaSwap, a “Stripe for Crypto” product, with Over $5 Million in Volume Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Billionaire Stan Druckenmiller Prefers Bitcoin Over Gold in ‘Inflationary Bull Market’
Billionaire Stan Druckenmiller Prefers Bitcoin Over Gold in "Inflationary Bull Market" Renowned billionaire hedge fund manager Stanley Druckenmiller says that in an inflationary bu
Real-world tokenization can drive homeownership — Quarter Homes CEO
Vince Quill6 hours agoReal-world tokenization can drive homeownership — Quarter Homes CEOCurrent 30-year fixed mortgage rates in the United States are close to 7%, as younger individuals struggle to purchase property.1
Guest Author9 hours agoBitcoin crash pre-halving? Stablecoin metric that marked 2019 top flashes warningTwo key BTC supply metrics show conflicting signals on whether a retracement will occur before the Bitcoin halving.3
Report: State Securities Regulators Probe Crypto Lender Genesis
Report: State Securities Regulators Probe Crypto Lender Genesis State securities regulators are reportedly investigating Genesis Global Capital in a broad range probe into the “i
Houston Rockets Partner With Bitcoin Company NYDIG in Sponsorship Deal
Houston Rockets Partner With Bitcoin Company NYDIG in Sponsorship Deal NBA basketball team the Houston Rockets has partnered with NYDIG, a leading bitcoin solutions provider, to be
Martin Young5 hours agoLBRY decides to fight: Blockchain firm files notice of appeal against SECBlockchain-based file-sharing and payment network LBRY is planning to pick up the fight against the United States federal re
Savannah Fortis2 hours agoNYC mayor releases plans for responsible AI usage in local governmentThe administration for the mayor of New York City has released a plan for creating a framework for government agencies to utl
Coinbase Focuses on Crypto and Web3 in India — Plans to Hire 1,000 for Indian Hub
Coinbase Focuses on Crypto and Web3 in India — Plans to Hire 1,000 for Indian Hub Coinbase is focusing on growing the crypto and Web3 ecosystem in India. “Combined with In
Crypto Experts Give Their Top Predictions for 2020
Crypto Experts Give Their Top Predictions for 2020 In an industry built around digital scarcity, opinions are in plentiful supply. Everyone’s got one, and they’d love
XRP Set To Explode—But Only After This Plunge, Analyst Says
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Matthew Niemerg2 hours agoWorldcoin is making reality look like a lot like Black MirrorOpenAI’s sister company Worldcoin wants you to buy its coin — and possibly unleash a tempest of problems across the world in the
Amaka Nwaokocha13 hours agoMeta faces legal scrutiny as AI advancements raise concerns over child safetyConcerns for child safety come amid rapid artificial intelligence advancements involving text and generative AI.915