Gold prices could surge by about 30% to as high as $2,000 per ounce next year, according to David Roche, president and global strategist at Independent Strategy.
“What my gut says is that cause of the vilification of fiat currencies by central bankers, which is set to get worse — not better, people will look for an alternative currency,” Roche told CNBC.
“Gold is a good alternative currency because it’s safe, and because it costs nothing to own it compared to paying negative rates on deposits,” Roche said.
As a result, gold prices will likely touch $1,600 before the end of this year, before moving higher to $2,000 next year, he said.
Roche’s comments come amid policy moves at major central banks in the past month.
Roche said central banks are now “quite rightly worried” about the next downturn after failing to achieve their inflation targets.
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