Strategist: Gold prices will never return to $2000 and will triple from current levels
Peter Schiff, Chief Market Strategist of Europe Pacific Asset Management, stated that after this year's performance, gold prices will not fall below $2000 per ounce in our lifetime.
Schiff said, "I don't think the gold price will return to $2000, it's already history, and we will move towards much higher levels without any resistance. The gold price may double, triple, or even rise even higher from now on
Schiff analyzed the previous rise and consolidation of gold prices, pointing out that they have broken through previous levels and have risen by over 28% so far this year.
He stated, "From 2011 to 2024, gold experienced a long period of consolidation, trading between $1500 and $2000. But that was after the gold price broke through significantly from 2001 to 2011, rising from below $300 to around $1900
Schiff added, "At some point, gold prices will rise to a high enough level, greed will begin to replace fear in the market, and then you will start to see investors' interest in mining stocks heating up
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