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Bank of America (BofA) has a bullish view on gold and expects the prices of the precious metal to hit the $3,000 mark per ounce within the next 18 months, according to the bank’s latest report titled “The Fed can’t print gold.”
Per the report, gold is the “ultimate store of value,” and the prices have performed well over the last 15 months against other asset classes, even though the bullion recorded a hard sell-off in March. The asset traded around $1,678 today, representing 11% growth this year.
Investors Will Aim For Gold
BofA had earlier placed its 18-month gold-price target at $2,000; the benchmark price is also VanEck’s most recent forecast. However, the bank increased its target to $3,000 as governments around the world continue to print more money to stimulate the economy due to the COVID-19 pandemic.
“As central banks & governments double their balance sheets & fiscal deficits, we up our 18m gold target from $2000 to $3000/oz. The Fed can’t print gold, unlike every other asset,” as reported by the bank.
As policymakers continue to release more fiscal and monetary stimulus plans, Bank of America believes it could put fiat currencies under pressure, thus forcing investors to consider buying gold.
Gold Faces Barriers
For the rest of the year, BofA thinks the average price per oz would be $1,695, and in 2021, the prices would surge by 22% to $2,063, even though the asset has never traded up to that level. The prices hit an all-time high of $1,921.17 in September 2011.
Despite the bullish views, BofA was sure to add in its report that factors like a strong dollar, reduced financial market volatility, and lower jewelry demand in countries like India and China could continue to deter gold from breaking new records.
Meanwhile, famous gold bug, Peter Schiff, recently shared what he thinks is the reason why gold has not surged beyond its current price. According to him, investors are “clueless” about the consequences of the present monetary & fiscal policy mistakes being made by governments. Once they are able to figure it out, the prices of gold will hit new records, he said.
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Is This New Organic Interest in Bitcoin Real?
According to many cryptocurrency analysts and influencers, yes, it’s absolutely real. Ari Paul recently tweeted that he was contacted by 3 different friends asking about Bitcoin and how to buy the digital asset.
Similarly, other influencers have posted the same arguments and how normal people are suddenly really interested in Bitcoin even though major news outlets haven’t really covered the digital asset in any special way.
The recent crisis due to the Coronavirus pandemic was a big hit for Bitcoin when it crashed down to $3,750 but it seems to be helping the digital asset now. If traditional stocks cannot recover, the likelihood of Bitcoin continuing its uptrend increases. Perhaps, the narrative about Bitcoin being a safe-haven will resurface again.
We are also only weeks away from Bitcoin’s halving which is also probably a factor in the recent demand for the asset.
Additionally, according to recent statistics by CoinDesk, Bitcoin has now entered a strong yearly quarter that has been historically almost always positive for the digital asset.
A lot of analysts are also pointing out the fact that many countries have been printing massive amounts of money to slow down the downtrend. Concerns about inflation are also driving the adoption and demand for Bitcoin up.
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The Chinese central bank completed the technological development aspect of its digital currency, moving a step further towards reality.
Amid the Coronavirus pandemic, as countries seek to aggressively tackle the economic slowdown, China has used this crisis as an opportunity to move a step closer to its Central Bank Digital Currency (CBDC). According to a report by Global Times on 24 March, the People’s Bank of China (PBC) completed the development of the basic functions of the digital currency, and is now paving its way towards drafting and formulation of relevant laws to facilitate implementation.
According to the report, this has been done by liaising with various Chinese payment giants such as Alibaba, Tencent, Huawei, and China Merchants Bank. Alibaba’s payments platform Alipay has publicized five patents in relation to China’s digital currency. The patents cover various aspects of digital currencies including issuance, transaction recording, digital wallets, anonymous trading support and assistance in supervising and dealing with illegal accounts, industry media reported.
Cao Yan, managing director of Digital Renaissance Foundation believes that the involvement of private institutions is detrimental for more efficient development considering their rich experience in blockchain technology. Cao added that cryptocurrency plays a convenient role in translating a central bank’s zero and negative interest rate policy into commercial banks.
“If there is a chance China is considering lowering its interest rate into negative territory as an final option and directing such policy to commercial loans and lending, a circulated digital currency rather than M0 will be able to achieve that,” he said.
Although China has completed the technological development step, the next step, which is the legal aspect involving regulations and supervision, will be a lengthier process
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Like other markets, Bitcoin has been hard over the past few weeks. From the $10,500 high established in February, BTC has fallen by 41%, now trading at $6,200 as of the time of this article’s writing.
Despite this downturn, a prominent macro analyst expects the cryptocurrency to soon rally above its previous all-time high.
BTC Price to Surmount $20,000 In 18 Months
In an interview published on Saturday, Raoul Pal — ex-head of Goldman Sachs’ equity derivatives business and the current CEO of Goldman Sachs — remarked that he thinks the price of Bitcoin will rally to its $20,000 all-time high within the coming 12 to 18 months, despite the current crash seen in global markets.
This interview was released shortly after he remarked that he is more bullish than ever on Bitcoin, remarking that there’s a possibility that “all trust” in the “entire system” has been lost. This was presumably in reference to the world’s response to the outbreak of COVID-19, which has revealed clear insecurities in the fabric of society, from politics to finance.
He added that from a pure risk-reward analysis perspective, Bitcoin “beats all.”
The former Goldman Sachs executive previously told prominent industry podcaster Stephan Livera that all popular asset classes are extremely expensive, except for Bitcoin and cryptocurrency.
Equities, he explained, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential.
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Bitcoin bulls were quite pleased on Saturday morning when Bloomberg’s Joe Weisenthal shared the “Automatic BOOST to Communities Act” published by Congresswoman Rashida Tlaib of Michigan.
While all politicians in the U.S. have responded to the coronavirus outbreak by proposing stimulus, Tlaib’s took the cake for being extreme. The program she proposed, which included a temporary Universal Basic Income, was to get the U.S. Mint to issue “two $1 trillion platinum coins” which the Federal Reserve would purchase, crediting $2 trillion to the Mint.
Although some have deemed this measure necessary to ensure the economy doesn’t crumble further, many in the Bitcoin space have laughed, arguing that this news only proves the absurdity of fiat economics.
Bullish For Bitcoin
Bitcoin bulls have understandably been pleased by this proposal. President of the Nakamoto Institute Michael Goldstein jokingly remarked in response to the news: “don’t worry, you will be able to buy a fraction of a Bitcoin with a $1 trillion coin.”
This was in evident reference to the belief amongst certain economists and analysts that this plan will cause rampant inflation of the money supply in the U.S., which should theoretically result in the rapid inflation of goods.
Others in the cryptocurrency space echoed this, writing how the incessant printing of money by authorities will only cause inflation, thereby proving the value of Bitcoin, which is algorithmically limited to a supply of 21 million coins.
