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Update #2: $3K To $20K Gold Coming? These Pundits (Now 34) Think So!

May 5, 2020

Ten years ago every “analyst” and his brother was hyping the future price of gold and I kept track of their guesses in an article entitled “Gold Going To $2500, $5000, $10000, Even More? These 148 “Analysts Think/Thought So“. None of their forecasts “panned” out (pun intended) but some are back at it again suggesting that we are going to see gold going as high as $20,000.

Here are the most current (i.e. within the last year) forecasts for the price of gold:

1. Goldrunner: $20,000 between mid-2028 and end of 2029

Back in April 2011 Goldrunner correctly projected the $1,920 high in an article entitled Goldrunner: Gold on Track to Reach $1860 to $1,920 by Mid-year (gold reached $1,917.20 in late August and $1,923.70 in early September, 2011) and now, “as a result of the recent massive paper money printing, our chart work suggests that gold could possibly spike up to as high as $20,000 per ounce, or even a bit higher.” Source

2. Pierre Lassonde: $20,000 in 2 – 5 years

“Gold prices should skyrocket to much higher levels, even $20,000 in two to five years’ time, as gold reaches a price level close to the level of the Dow Jones Industrial Index.” Source

3. James Rickards: $10,000

“$10,000 an ounce is not pie in the sky. It’s not a number I pulled out of a hat to get headlines. It’s the actual mathematical implied non deflationary price of gold.” Source

4. Frank Holmes: $10,000

“What’s stopping gold from soaring to $10,000?” Source

5. Egon Von Greyerz: $10,000

“I don’t like making sensational forecasts…[but] 10x today’s price or $17,000 is certainly realistic…Gold adjusted for real inflation would be at $18,100 to be equal to the 1980 top of $850… [As such,] my 18 year old target of $10,000 in today’s money is virtually guaranteed.” Source

6. Daniel Oliver: $10,000

“The money to push gold over $10,000 per ounce has already been printed and now they are going to print more…No doubt
strong fiscal and monetary intervention may extend its life for a time, but then the ultimate price objective for gold will then be markedly higher.” Source

7. Max Keiser: $10,000

To deal with the disaster of “trash fiat money” choking the global economy, a new gold standard will need to be introduced “and to make it work, we will see gold’s price top $10,000 per ounce.” Source

8. AG Thorson: $7,000 – $10,000

“By the end of this decade, we expect gold to reach $7,500 – $10,000.” Source

9. Peter Schiff: $5,000 to $10,000

The minimum projection for the price of gold is $5,000 to $10,000 an ounce, and he says the Dow Jones Industrial Average, which is now valued at about 12 times the price of gold, will trade at just 7.5 times instead. Eventually, he sees gold and the Dow trading at even money. Source

10. Gov Capital: $5,837 by 2023); $7,220 by 2024); $8,531 by 2025

“5 year gold forecast: $8530.74″ Source

11. Charlie Morris: $7,166

“A bullish target for $7,166 is both logical and plausible.” Source

12. Jeff Clark: $3,000 to $8,000 in 5 years

“Potential 5-Year high: $3,000 to $8,000.” Source

13. Jason Hamlin: $4,000 to $8,000 by 2025

“We fully expect to see the gold price close out the year 2025 somewhere between $4,000 and $8,000 per [troy] ounce.” Source

14. Rob McEwen: $5,000

The founder of Goldcorp Inc. is sticking with his bold prediction that precious metal will soar almost fourfold to $5,000 an ounce, bolstered by a weaker dollar and waning demand for trendy assets like pot stocks. Source

15. Peter Schiff: $5,000

“Gold will reach $5,000.” Source

16. Victor Dergunov: $5,000 in 3-5 years

“Gold at $5,000 in 3-5 years seems plausible, and it is likely to continue to go higher after that.” Source

17. David Morgan: $5,000 by end of decade

“Gold could hit $5,000 an ounce in the decade ahead, especially as the greenback loses purchasing power.” Source

18. Moe Zulfiqar: $5,000 by 2030

” It wouldn’t be shocking to see gold at $5,000 an ounce or more by 2030. ” Source

19. Brian Whitfield: $5,000 by 2030

“I feel I am safe, and being conservative in saying that gold should be trading between $3000 – $5000 per ounce in ten years. Should the US dollar fail and/or the US dollar loses the coveted global reserve currency status and/or even the loss of the petrodollar, gold could hit these level far sooner.” Source

20. Don Durrett: $3,000 to $10,000

“My price targets for gold are $3,000 to $10,000.” Source

21. Geraldo Del Real: $3,000 to $5,000

“I actually think US$3,000 to US$5,000 is very reasonable.” Source

22. Thomas Kaplan: $3,000 to $5,000 by 2030

“Gold prices could rally as high as $3,000 to $5,000 within a decade.” Source

23. David Rubinstein: $3,000 to $5,000

“A $3,000 to $5,000 target…is fundamentally justified based on the facts we have today.” Source

24. Chris Wood: $4,200

“A long-term bullish view is maintained on gold bullion, with the ultimate price target still set at US$4,200/oz..” Source

25. Ole Hansen: $4,000

“$4,000 probably is a little bit far-fetched as the world looks right now, but if you look years into the future, then that is possible because the repercussions of what we’re going through right now with the pandemic and the aftermath is going to be something that’s going to be felt for at least this generation and potentially beyond.” Source

26. Chris Vermuellen: $3,500

“Expect to see an ultimate peak price in gold well above $3,500.” Source

27. Bank of America: $3,000 by end of 2021

BoA raised its 18-month price target for gold to $3,000 an ounce citing the prospects of endless monetary expansion from central banks, including the Federal Reserve, to limit the economic damage from the COVID-19 pandemic. Source

28. WingCapital Investments: $3,000

“Using the post-2008 GFC bull market as a guideline, during which gold more than doubled after the Lehman debacle within the ensuing 3 years, $3,000 would be a reasonable long-term target in our opinion.” Source

29. Tom Hayes: $3,000 by end of 2020

“It seems certain that US$ 2,000 per ounce will soon be exceeded and probably be above US$ 3,000 per ounce by year-end.” Source

30. Barry Dawes: $3,000 within 2-3 years

“I expect to see US$3,000/oz in gold over the next 30 months.” Source

31. Kirk Spano: $3,000

“The inevitable outcome is inflation and that devalues currencies and overwhelms government debts and that will drive gold to as high as $3,000 per ounce.” Source

32. Brian Lundin: $3,000 by 2024

“I think we’ll set a new record in real terms, exceeding $3,000, at some point over the next four years or so.” Source

33. Byron King: $3,000

“I think Bank of America is on track. I don’t think there’s any question gold will see $3,000. As with all things in life, it’s just a question of how long it will take.” Source

34. Ben Morris and Drew McConnell: $3,000