Citi raises gold forecast to $3,500/oz over next 3 months on negative US outlook.
Citi raised its gold price forecast over next three months to $3,500 per ounce on Monday from $3,300, and the expected trading range to $3,300–$3,600 from $3,100–$3,500, on the belief that near-term U.S. growth and inflation outlook has deteriorated.
“U.S. growth and tariff-related inflation concerns are set to remain elevated during 2H’25, which alongside a weaker dollar, are set to drive gold moderately higher, to new all-time highs” the bank said.
Last week, U.S. President Donald Trump imposed steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan.
Peter Schiff is a well-known economist and financial commentator who is famous for predicting the 2008 financial crisis. He has been a strong supporter of gold for decades, calling it the best long-term store of value. Schiff believes gold prices will keep rising because of the weakening US dollar, high inflation, and growing demand from central banks.
He often says that recent drops in gold prices are short-lived and that the metal will rebound strongly. In his view, gold could reach record highs in the next couple of years, possibly around $4,000 per ounce, as people lose trust in paper money and look for safer assets.
When it comes to Bitcoin, Schiff has been one of its biggest critics. He does not see it as a real store of value and often compares it to a bubble that will eventually burst. He has pointed out that Bitcoin tends to fall during times of global crisis, while gold usually rises, which he says proves that Bitcoin is not “digital gold.” Despite Bitcoin’s massive rise in value over the years, Schiff continues to believe it will eventually collapse, warning investors not to rely on it as a safe haven.
BIG WEEK AHEAD! Tariffs Just Changed My Entire Prediction For Gold Prices – Peter Schiff
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