Gold has the potential to double once the Federal Reserve begins to tighten and hike rates to fight off hotter-than-expected inflation, said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
“If you inflation adjust gold for its 1980 high, it can go to $2,500, it can overshoot $3,000 plus,” Boockvar told Michelle Makori, editor-in-chief of Kitco News. “Silver … can get back to its highs of $50 plus. Name me one asset that’s down 50% from its record high. I can’t really think of many other than silver.”
Boockvar is bullish on precious metals because of his inflation and slower growth outlook. “Inflation is not transitory. And that will be the most important thing in determining the direction of the economy and the markets. I don’t expect a reversion back to pre-COVID levels,” he said.
Follow Michelle Makori on Twitter: @MichelleMakori (https://twitter.com/MichelleMakori)
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