Bank analyst cuts price for gold, says gold is losing its lustre to crypto

Bank analyst cuts price for gold, says gold is losing its lustre to crypto

An analyst at a bank which will have to go unnamed I’m afraid. But first, their forecasts:

  • 3-month level at $1,850/oz (unchanged)
  • 6-12 month gold point-price target $1,950/oz (from $2100 previously) 
  • expects less than 50% probability that gold hits fresh nominal highs during the current price cycle 

Gold is losing out to crypto, cites gold investment may have flipped to net outflows seems to be an expanding investor base, if not an outright preference, by some institutional players for digital alternative assets … flow impacts are favouring cryptocurrencies to the detriment of gold this year

  • contrasts net outflow from gold-backed exchange-traded funds in recent months with an increase in outstanding shares for the Grayscale Bitcoin Trust

(info via Bloomberg)

While we are on crypto, BTC update:

An analyst at a bank which will have to go unnamed I'm afraid. But first, their forecasts:

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