Bank of America raises Gold target to $3,000

Bank of America analysts today increased their target price for Gold by almost 50% to $3,000 an ounce.

In a note titled : ” the Fed can’t print Gold” the analyts argue that fiat currencies will increasingly come under pressure from all the liquidity being pumped out by global central banks combating the Coronavirus.

This is expected to make Gold more attractive as an asset class to investors.

“As economic output contracts sharply, fiscal outlays surge, and central bank balance sheets double, fiat currencies could come under pressure,” the report said.