Compared to stocks and cryptocurrencies, gold had a pretty solid start to the year, according to experts. The price of the yellow metal is roughly unchanged and is hovering just below $1,800. Gold predictions of experts cryptocoin.com compiled for our readers.
“Gold could climb to around $2,120 this year”
According to some experts, the return of market volatility that has hurt stocks and Bitcoin in particular this year could lead to more gains for gold. Robert Minter, director of ETF Investment Strategy at Abrdn, states that Bitcoin bulls argue that cryptos should be a good hedge against inflation.
Cryptos stole all the oxygen from gold last year and people are getting into crypto for the same reasons as gold.
Investors are starting to realize that Bitcoin is a riskier asset. Robert Minter comments that “it’s less of a portfolio diversification tool and more of an energy drink,” citing massive spikes and equally epic pullbacks in crypto prices compared to much more stable moves in gold.
As the Fed grapples with rising consumer prices, the precious metal will continue to be a better bet for investors seeking protection from rate hikes. Lauren Goodwin, economist and portfolio strategist at New York Life Investments, comments:
There are too many anti-inflation products. Gold held up well. It may add up due to inflation concerns. Bullion should be part of a diversified portfolio.
Some experts think gold will gain momentum and set a new record this year, especially if concerns about rising interest rates globally persist and what will happen to oil prices if tensions between Russia and Ukraine do not ease. André Christl, CEO of Heraeus Precious Metals, makes the following predictions in a report:
Gold remains a safe haven and insurance against geopolitical risks, and the continued risk of high inflation is also positive for gold. Gold could climb to around $2,120 this year.
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