We’ve heard quite a few industry insiders predicting big things for gold in recent weeks and yet another has added his voice this week. Joe Foster, a hedge fund portfolio manager at New York’s investment management company, has lent his weight to a big bull run, stating that we will see gold hit $2000 before May 2021.
He says, “In certain scenarios we could see gold go up much higher than that. We’re going into a recession. We don’t know how deep it will be or how long it will be. Debt is increasing. Governments are having massive increases in debt to raise the funds to get through this crisis. So, there’s an awful lot of uncertainty in the market going forward. Gold doesn’t pay any interest, but with interest rates at zero or even negative in Europe and Japan, gold is now competitive with interest-bearing instruments.”