Bitcoin is frozen, whilst Gold expected to rise. Can it reach 10,000 US dollars in extreme cases?
May 27 – Huitong.com According to Scott Minerd, chief information officer at Guggenheim, as cryptocurrency prices fell and investors returned to gold and silver, the final gold price target was set at the US $5,000 to the US $10,000. Minerd also forecasts a 10% correction in US stocks over the next six months but added that the S&P 500 index would eventually reach 5000 points, if not higher.
On May 26, Guggenheim Chief Information Officer Scott Minerd stated that as cryptocurrency prices fell and investors returned to gold and silver, precious metals would gain momentum, with the final gold price target set at the US $5,000 to $10,000.
To read the most recent report, open the app.
“As funds exit the cryptocurrency market, people will continue to seek inflation-hedging instruments, and gold and silver will be better choices,” Minerd said in an interview.
According to Minerd, this will take time due to the size of the gold market, but the precious metals will enter an “exponential rise.”
He added that the ultimate goal for gold is a price of between US $5,000 and $10,000 per ounce.
Silver’s price typically lags. This is the poor man’s gold. It may also surpass gold as the most valuable precious metal. It is a version of gold with a high beta.
When discussing the future of cryptocurrencies, Minerd stated that while he believes Bitcoin and Ethereum will endure, new cryptocurrencies will likely dominate the digital asset space.
Additionally, he stated, “We will discover that some new cryptocurrencies will emerge for an extended period.” It can resolve several of the issues we are currently facing, including mining costs and total carbon production. It will develop into a high-level cryptocurrency and eventually become the dominant one.”
Minerd also forecasts a 10% correction in US stocks but predicted that the S & P 500 index would eventually recover.
“I believe the US stock market will experience a correction,” he stated. I believe that the US stock market will experience a 10% correction over the next six months. However, I think the S & P 500 will eventually surpass 5000 points. It could even be more extraordinary.
At 8:44 a.m. Beijing time on May 27, spot gold was quoted at $1,894.59 per ounce.