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."
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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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