Michael Novogratz told Bloomberg TV on Friday that the price of gold could reach up to $3,000 by the end of the year.
The Galaxy Digital CEO and co-founder emphasized that predicting a new high for gold is difficult because it's already reached , and"once you take out old highs in markets it's really hard to figure out where they could end." But when asked for a number, he said,"Could it be $2,500 to $3,000? It certainly could be."Novogratz said that he thinks the Fed will be more dovish in its September meeting, and its actions could be"the juice that accelerates gold and bitcoin."
I'm not surprised. There's no other alternative. With interest rates and yields so low, where else can you do to protect your principle? Stock market is extremely dangerous right now. I won't even touch mutual and index funds. They're fated to doom. There's just no options.
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