Analysts Continue Seeing $3,000 Gold Ahead . . . With a Twist

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Financial analysts and economists have been predicting gold prices continuing to surge in the long-term for over a month, acknowledging publicly what many have been saying privately to their biggest investors for two years.

Citigroup is the latest to forecast that gold prices could reach $3,000 per ounce over the next few months. The analyst behind the call, Citi North America Head of Commodities Research Aakash Doshi, says the “big driver” behind his $3,000 per ounce target is the expectation that financial demand for gold will “catch up to what is strong physical” demand. He noted that demand has surged in the post-pandemic period, with central banks in emerging markets buying “record amounts of gold,” solidifying the strength in the “physical demand pool.”

But it isn’t just the upside potential that has analysts talking. According to Doshi, the heightened central bank buying has served two critical functions.

“It has lifted the gold price floor and it’s also damped downside price volatility,” he told Yahoo! Finance.

Having a strong upside with limited downside is what has been enticing investors to join the buying spree in recent weeks. Individuals have been shifting their retirement accounts, which often hold the bulk of their wealth, into physical precious metals.

“Other than a mortgage-free home, retirement accounts like IRAs and 401(K)s are the most prevalent ways Americans build their life’s savings,” said Jonathan Rose, CEO of Genesis Gold Group. “It’s so important for Americans to plan wisely in these tumultuous financial times which is why our phones have been ringing non-stop.”

Genesis Gold Group is a faith-driven company that specializes in rolling over or transferring retirement accounts into Genesis Gold IRAs backed by physical precious metals. Their free, definitive gold guide has been requested more times in the last month than the rest of the year combined.

“We’ve known for years that the stability and upside of gold and silver are coveted by Americans, but this latest twist from many analysts is intriguing,” he said. “If the downside has been limited, that means physical precious metals could become harder to acquire in the near future.”

The reason many analysts believe the floor has been lifted on gold and silver is because of the buying frenzy by those who have a measure of control over the global economy. If central banks are buying so much gold, it behooves them to assign policies and rates that keep physical precious metals from plummeting far below their purchase price.

“For over two decades I’ve told people, ‘You don’t wait to buy gold, you buy gold and wait,’” Rose said. “Now, perhaps more than ever, this sentiment rings true.”

Contact Genesis Gold Group today and receive the free, definitive gold guide.

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