Bank of America predicted a new record for gold prices

As you know, our project is directly related to gold mining, so we are closely following all the news in this industry.

Recently, analysts at Bank of America expressed the opinion that in a year and a half, the price of one ounce of gold will reach $3000 and 50% exceed the current record. By the way, this Tuesday, the spot price of the precious metal was about $1678.

Analysts of the Bank believe that in 2020 the average price of gold will be $1695 per ounce, and next year it will grow to $2063. By the way, the current record was just over $1921 and was set in September 2011. Last Tuesday, the spot price (the price for contracts with immediate delivery) of gold averaged $1,678 per ounce and showed an increase of 11% since the beginning of the year.

Thus, Bank of America improved its 18-month forecast for the price of gold.

Analysts noted that in a situation where output is sharply reduced, budget expenditures are rising, and Central banks’ balance sheets are doubling, Fiat money may come under pressure.” And in such conditions, gold will be the target of investors.