Gold Surpasses $3,000; Gundlach Predicts Price Could Reach $4,000
Gold prices have surpassed $3,000 for the first time, with predictions from Jeffrey Gundlach, CEO of DoubleLine Capital, suggesting a potential rise to $4,000. Key points include:
- Gundlach believes the rally has further upside, potentially driven by a long consolidation around $1,800.
- Gold-backed cryptocurrencies like PAXG and XAUT are up approximately 14% year-to-date, outperforming bitcoin, which is down 11.4%.
- The broader CoinDesk20 Index has declined over 25% this year.
- Gold ETFs now exceed bitcoin ETFs in assets under management.
- Global central banks are increasing gold reserves, reversing previous declines; global gold holdings rose from 34 billion SDR in 2010 to 40.9 billion SDR recently.
These developments indicate a significant shift in market trends and investor sentiment towards gold and related assets.