Bank of America Gold Forcast16 Apr 2020 19:36
Bank of America’s target for gold the year was hit earlier this week as prices pushed above $1,750 an ounce, hitting a 7.5-year high. The bank’s analysts are now letting their bullish bet ride to all-time highs.
“Gold prices have rallied 20% or more 15 times since 1981 and 30% or more seven times. The biggest rallies were in 2006-2011 during the late cycle equity rally into and after the Global Financial Crisis,” the analysts said. “If $1,947 were to be reached, then gold would be up 27% YTD [year to date]. A 31% YTD rally reaches $2,000. A 41% rally like 2006 reaches $2,150.”