$3,000 Gold Price Forecast from Merrill Lynch/BOA

Gold was over $2k in August of 2020. I wonder how much cash has been printed since then and it can't hold $2k in 2023 today?

I had to look it up. Apparently at the start of 2020 there were $4.019 trillion dollars in circulation. On Jan. 4th 2021, the number increased to $6.7 trillion.
Then the fed went into overdrive. By October 2021, that number climbed to $20 trillion in circulation.
The extra cash must not be chasing gold AT ALL. If there was any relation to the money created, gold should be around $10k an ounce today.

 

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Tracking dollars or money supply and trying to forecast gold prices is not going to work. There are too many variables.

Focus on supply and demand and right now demand is going up for the next 5-15 years. India, China, South America, Asia -- all want more gold.

India's imports of gold double every 15 years or less.

 

Hanging around $2,000.....

 

The dollar devalued and the gold doesn't climb.
Must be that magnetic pull thing tied to the gravity of the situation

 

There isn't any direct correlation. The gold standard ended in 1933 or 1971, take your pick.

Gold will go up as rising demand outstrips supply (new + existing stocks). Keep an eye on Indian demand, as millions of Indians go from poverty incomes to middle-class incomes every year for the next decade.

They will not put the 10-fold rise in incomes into more food, it will be used for consumption and savings (gold).

Here's annual Indian gold consumption over the decades:

• Pre-Independence (1947)......~ 30 tons per year
• 1950's-1960's......................~ 90 tons per year
• 1980's................................~ 150 tons per year
• 1990's................................ ~ 375 tons per year
• Today................................. ~ 700 tons per year

If by 2030 India is taking in 1,500 tons of gold per year, that is a big drawdown combined with more rising Chinese/Asian, African, South/Central American demand, plus Europe/North America.

Gold today is where it was in the early-1960's....you KNEW the price was going alot higher, you just didn't know WHEN.

 

New ATH in gold (I believe).....$2,076. Let's see where we close tomorrow with more bank problems AH.

 

Really 1960... That was a good decade allot of things materialized out of the Sixties.

 

FYI....need to hit $2,068 on a closing and $2,090 on an intra-day basis to set new highs.

 

With all the concerns in the stock market
people are dumping and moving in to GOLD, the writing is on the wall !!

 

I wouldn't go that far. A bit of a "fear" trade, yes....but if there was true panic gold would be moving up $100 or $200 a day for a few days in a row.

 

Won't be good for 401k either. need to get that debt ceiling under control sooner than later.

 

Markets are weak right now with all its struggles, have moved allot of my investments in to other things but will always like GOLD and BTC am finishing
up my type set of pre 33 coins just bought a $10 Indian, $10 Liberty and a $5
liberty and te $5 Indian will be here end of week, but I am really getting sick
of the wait times 15-20 days from APMEX ;( $2.50,s are close just have to find
the right ones have managed to find all the above with CAC stickers, on the
$5 indian I just bought its a $250 premium over the standard PCGS grade.

 

Knocking on a new all-time high. Triple-top approaching at about $2,075.

 

I like the sound of that

 

3 times it may have returned to that high in 4 years. Hmmm! I may have made a wise ~weekly MS/PR69-70 Gold Eagle coin investment then!

My most recent: https://www.ebay.com/itm/395005000552

JMHO

 

Only time will tell…

 

I'm not a TA expert, but I do believe once it is pierced to the upside it will provide MASSIVE support to the downside.

In other words, a springboard to much higher prices, including my $3,000 (definitely) and $5,000 (possibly) targets.

 

https://www.ebay.com/itm/395005000552

My proverbial target prices are much lower, but believed
more positively successful!

I eat the "loaf" one slice at a time, which almost anyone from my ghettos could do!!

My previous week, but this has been a long term project, where others are now becoming believingly "more astute": https://www.ebay.com/itm/204470144435

JMHO

 

I just came here because I looked at the spot charts for the first time in a while and near fell over. Don’t get me wrong. I am tickled to death with the uptick in value of my SBD holdings…. But not very optimistic about what this may forebode for everything else around us.

 

SBD ??