Another 40% move in gold in 2021 is “very doable” says Frank Holmes, who is looking for a range of $2,200 to $2,600 an ounce.
“A two-standard deviation move, which happens so often now in the past 21 years, we can get between a $400 move and an $800 move in the price of gold over the next 12 months. That would take us from to $2,200 to $2,600,” Holmes said.
Cryptocurrencies will continue to do well; Bitcoin will be driven by increased adoption, while Ethereum benefits from the latest developments in DeFi.
“The number of wallets, people that are embracing bitcoin, that’s been growing for the past three years,” he said, adding that the halving event this year contributed to the supply-demand tailwinds. “If tomorrow, if all the gold mines in the world said we’re going to cut supply by 50%, I can assure you gold will be at $10,000.”
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