The chief executive officer (CEO) for global investment manager Sprott predicts the price of gold could rally above $2,000 within the next year.
Speaking in an interview with Kitco News on April 13, Sprott’s Peter Grosskopf said it would not be a surprise to see gold rise above $2,000. The precious metal has already risen to an eight-year high in what many analysts are calling the start of a bullish long-term outlook.
Grosskopf called gold’s future bright in light of the global economic response to the coronavirus pandemic.
Investors should continue to consider gold as a unit of currency or a purchasing power that can maintain its value against other assets.
Grosskopf pointed to bullish technicals in the near and long-term and predicted that gold would rally above $2K in early 2021.
Gold has been acting very well in the last month. All the technicals show that its uptrend will be maintained in the short, medium and long term. We would expect to see prices over $2,000 by sometime early next year. That is not a surprise, fundamentally either, in the current environment.
Grosskopf highlighted actions taken by the Fed, including a $2.3 trillion stimulus package, as being potentially bullish for the price of gold.
Featured Image Credit: Photo via Pixabay.com