"It's only a matter of time before gold costs $2000 an ounce"
Mike McGlone, chief commodity strategist at Bloomberg, says.
The central banks' escalating interest rates in reaction to chronically high inflation have mainly defined gold as an investment strategy. The FinBold site contains this definition
This exact scenario occurred in 2022, when the price of gold initially hit its peak. It has since dropped, though, and is currently trading at about $1,787.91 per ounce.
On August 4, senior commodity strategist at Bloomberg Intelligence Mike McGlone tweeted that the price of gold would soon approach $2,000 since its mining is constrained while that of fiat currencies is not.
"The fundamental factor driving gold's long-term gain in value is limited gold output compared to infinite fiat supply, and the price range between $1,700 and $2,000 per ounce seems to provide the foundation for further increases. According to our analysis, gold is more likely to go beyond the range's upper limit than below it", posted a tweet.
The value of other currencies, like the euro, takes time to reflect in the price of gold, according to McGlone's further explanation. "It is more plausible that gold will maintain its upward trend and surpass $2,000 per ounce than it does to drop below $1,700. Gold in Euros peaked in March, and it normally only takes a short while for gold priced in other major currencies to do the same "Mike McGlone said.
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