For many, its universality and 4,000-year history means that gold is better positioned than cryptocurrencies as a hedge against an inflationary environment. Goods from aluminum to natural gas rose one after another as the pandemic shook supply chains. According to experts, gold may be next for many different reasons, too.
Goldcorp executives: Gold prices will rise to $3,000
David Garofalo and Rob McEwen, former directors of Goldcorp, one of the biggest names in Canadian mining; He predicts that investors will soon realize that global inflationary pressures are more persistent and more intense than central bankers and consumer price indices suggest. According to Garofalo, once these inflationary pressures occur, gold’s appeal to protect investors from inflation will send prices from about $1,800 currently to $3,000. McEwen says this increase will be an “upfront payment” for his long-term forecast of $5,000.
While it is not surprising that gold executives are predicting a rise in the yellow metal, it should be noted that they generally do not foresee such a steep gain in such a short time. “If we take other metals as an indicator, it will be dramatic when gold rally comes along,” Garofalo said in an interview with McEwen on Friday. Garofalo used the following expressions:
I’m talking about months. The reaction tends to be sudden and violent when it happens. So I’m pretty confident that gold will make $3,000 per ounce in months, not years.
“Better positioned than cryptocurrencies”
To deal with the pandemic, global money and debt expansion, as well as secondary drivers associated with supply disruptions, will cause people to revert to traditional ways of protecting wealth, McEwen said. McEwen is the founder and former chairman of Goldcorp, currently the director of the mining company of the same name, and a shareholder of one of the companies Gold Royalty has acquired. The manager used the following statements:
Not just dollars. All currencies are buying less than they bought a year ago. So I look at this as an unprecedented development that will impact the value of fiat currencies worldwide, at least in our lifetimes.
Because of its universality and 4,000-year history, gold “will have profound and meaningful effects on our capital,” says Garofalo. According to the executive, this means that gold is better positioned than cryptocurrencies as a hedge against an inflationary environment. cryptocoin.com As we have also reported, many experts especially compare Bitcoin with gold.
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