Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in an interview that the price of gold has the potential to double when the Fed begins raising and tightening interest rates to combat hotter-than-expected inflation. Gold forecasts and evaluations of the investment expert cryptocoin.com we have compiled for you.
Investment expert’s gold forecast, $3,000exceeding the
Sharing his views on the precious metals market and forecasting gold, investment expert Peter Boockvar comments:
If you set gold to its 1980 high, it could go to $2,500 or even exceed $3,000. Silver, on the other hand, could bounce back to highs above $50. Tell me an asset that has dropped 50% from its record level. I can’t think of much else but silver.
Peter Boockvar says he is in a bullish position in precious metals due to inflation and slower growth outlook. According to the investment expert, inflation is not temporary and will be the most important thing in determining the direction of the economy and markets. In addition, Peter Boockvar states that he does not expect a return to pre-COVID levels and makes the following statement:
This sticky inflation is what is forcing central banks around the world to start tightening. The next big step will be to raise interest rates. And this has important implications. We are now on the cusp of global tightening, and no matter how icy the glacier is, it will have major repercussions.
According to Peter Boockvar, gold and silver saw the bottom, they have a bull rally ahead of them
The investment expert notes that since 2010, every significant market correction has coincided with the end of QE, so he thinks he won’t be delusional, the Fed and other central banks will tighten up and there won’t be a problem. On the other hand, the Federal Reserve gave a clear signal that they would start tapering in November, with the CME FedWatch Tool now predicting a 43% chance of a rate hike by June. But Peter Boockvar points out how far behind the curve the Fed’s barrier is:
You have the most intense inflationary pressure since the 1970s. And the Fed will taper for seven months and interest rates will still be at zero.
This is why Peter Boockvar sees nothing more attractive than investments in gold and silver. The investment expert thinks both metals have bottomed and are ready to continue their bull rallies:
Gold and silver bottomed out in December 2015 as the Fed began raising interest rates for the first time in seven years. Gold rose with interest rates in the 1970s. In mid-2000, the federal funds rate rose from 1% to 5.25%, and gold doubled.
According to Peter Boockvar, who says the gold mining industry is also winning right now, although miners pay very cheap and healthy dividends, they are not respected. The investment expert states that when we think of good mining companies that have sustainable costs of $800 or even $900 and can sell gold at $1,800, these companies have a sizable profit margin that they haven’t had for a while.
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