Goldman Sachs tells investors to buy gold to protect their money from rising inflation and interest rates. In addition, the bank’s gold forecast on what levels the precious metal will see in the coming periods has been renewed. Now, the bank predicts that gold can rise as high as $2,050. cryptocoin.com We are giving the details as…
Wall Street bank made a statement about Bitcoin and gold forecast
Analysts at the Wall Street bank sent customers a note entitled “Gold: time to buy the defensive real asset.” The precious metal is seen as a way to preserve wealth when rising inflation erodes its cash value. The US Federal Reserve (FED) signaled last week that a rise in interest rates could come in March to curb rising prices. The investment banking giant drew attention to these developments and said the following for gold:
Gold has remained very resilient during the recent rise in US real interest rates. In our view, this is due to gold’s status as both an anti-inflationary and a defensive asset.
Analysts raised their six-month estimates to $2,050 an ounce. Gold closed the week at $1,788. On the other hand, analysts who also gave their comments about BTC stated that Bitcoin has fallen alongside high-growth stocks in recent weeks and has lost a fifth of its value since the beginning of the year. This prediction comes after the most recent note stating that Bitcoin will take market share from gold and its value will reach $100,000 in five years. But they warned that the energy needed to mine Bitcoin could hinder its popularity.
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