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This is a historic moment for gold bugs.
The yellow metal rocketed to $2,068 per troy ounce on August 6, breaking through the critical $2,000 resistance point for the first time ever.
The world’s top investment banks and hedge funds are currently all-in on gold. Goldman Sachs predicts gold will hit $2,300 (+15%) by July 2021. Bank of America is even more bullish, forecasting a $3,000 price ceiling (+50%) by the end of next year.
Top money managers, such as Ray Dalio and Warren Buffet, have taken new long positions on gold. Dalio’s fund, Bridgewater Associates, recently invested $400 million in gold ETFs and stocks while Berkshire Hathway took a new stake in Barrick Gold, the world’s second-largest gold mining company.
If Dalio and Buffet are bullish on gold, who have a combined net worth of almost $100 billion, why aren’t you?
While gold has taken the spotlight, silver is quietly on a bull run as well. The price of silver is up +13.11% in August and +65.21% since late February, outpacing the S&P 500 on both counts.
Investors are flocking to gold and silver to hedge against uncertainty in the U.S. stock market, precipitated by the Covid-19 pandemic and recent civil unrest, and a weakening U.S dollar.
Analysts predict that the U.S. dollar is going to continue its downward trajectory into Q4 2020. BCA Research forecasts that the dollar will trade for the euro at $1.15 by year-end (up from $1.08 presently), whereas UBS Wealth Management suspects the dollar to trade for the British pound sterling at $1.40 (up from $1.24 now).
This is good news for gold, as studies have proven that gold has a long-established negative relationship with the U.S. dollar.
Now is a once-in-a-generation opportunity to invest in gold and silver. We’re staring down 12 to 18 months of predicted growth across both assets. Don’t miss out—check out these top gold IRA companies to add precious metals to your investment portfolio today.