{"id":19776,"date":"2023-02-07T15:41:56","date_gmt":"2023-02-07T23:41:56","guid":{"rendered":"https:\/\/coinnetworknews.com\/investment-manager-predicts-gold-could-hit-3000-this-year-markets-and-prices-bitcoin-news\/"},"modified":"2023-02-07T15:41:56","modified_gmt":"2023-02-07T23:41:56","slug":"investment-manager-predicts-gold-could-hit-3000-this-year-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/investment-manager-predicts-gold-could-hit-3000-this-year-markets-and-prices-bitcoin-news\/","title":{"rendered":"Investment Manager Predicts Gold Could Hit $3,000 This Year \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"
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Investment management and advisory firm Goehring & Rozencwajg expects gold to hit record highs this year. \u201cI wouldn\u2019t be surprised to see a $3,000 price this year,\u201d said an executive of the firm. \u201cIt\u2019s time for people to want to be bullish on gold.\u201d<\/strong><\/p>\n

Gold Heading for \u2018Record Highs\u2019 This Year<\/h2>\n

Investment firm Goehring & Rozencwajg\u2019s managing partner, Leigh Goehring, shared his outlook for gold in an interview with Kitco News last week. Goehring has 32 years of investing experience specializing in natural resource investments. He co-manages the Goehring & Rozencwajg Resources Fund.<\/p>\n

\u201cGold is going to hit record highs this year,\u201d he began, noting that the metal peaked at $2,050 in August 2020 and again in March last year. The executive told the news outlet:<\/p>\n

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This year we\u2019re going to break through the all-time high \u2026 It\u2019s time for people to want to be bullish on gold.<\/p>\n<\/blockquote>\n

He believes that the Federal Reserve will stop raising interest rates and might even begin to lower them. \u201cThen we\u2019ll get another big inflation problem \u2026 This is the decade of inflation,\u201d he warned. After a series of 75-basis-point interest rate hikes, the Fed raised its benchmark rate by 25 basis points<\/a> last week.<\/p>\n

Goehring expects investors to turn to gold once they realize that inflation will not come down to the Fed\u2019s 2% target. \u201cRight now, when inflation increases, the Fed raises rates, and people sell gold,\u201d he described, adding:<\/p>\n

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I think the psychology is going to switch to inflation going up, the Fed not raising rates or lagging behind, and inflation becoming a real problem.<\/p>\n<\/blockquote>\n

The investment manager likened the current situation to what happened in the 1970s. \u201cAfter the Fed started to aggressively raise rates starting in 1973, gold prices corrected by 45% \u2026 When the Fed finally gave up a few years later, inflation on a year-over-year basis was still at 5%,\u201d he explained. Noting that the market will realize that the Fed\u2019s rate hikes are ending and inflation is not done, the executive said: \u201cBack to the 1970s, when people saw that inflation was still a big problem, that\u2019s when the gold price began to go crazy after bottoming at the end of 1976.\u201d<\/p>\n

While admitting that he does not know \u201chow high gold can go,\u201d Goehring opined:<\/p>\n

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I wouldn\u2019t be surprised to see a $3,000 price this year.<\/p>\n<\/blockquote>\n

Gold\u2019s spot price stood at $1,869 per ounce at the time of writing, with gold futures trading at $1,882. Goehring is not alone in expecting gold to hit record highs this year. Market strategist Gareth Soloway<\/a> believes that gold will be the best performer in 2023. Rich Dad Poor Dad author Robert Kiyosaki<\/a> said in January that gold could hit $3,800 this year. Meanwhile, Harry Dent<\/a> has predicted that gold may fall to the range of $900 to $1,000 over the next 18 months.<\/p>\n

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Do you think gold will hit $3,000 this year? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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