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Goehring & Rozencwajg/Client letter/8-12-2020
“Although we continue to prefer oil and oil-related investments to gold here, (please see our recent blog “The Gold-Oil Ratio Revisited”), we continue to think precious metals have entered into a large sustained bull market. If we see a significant pullback in precious metals — for example if a COVID-19 vaccine is introduced — we would use the weakness to add further to our investments. Precious metals have entered into a huge bull market that will eventually take gold significantly past $10,000 per ounce later this decade.
USAGOLD note: $10,000 is a starting point ……Their upside targets based on the Fed’s balance sheet, even after adjusting for excess reserves, are in the stratosphere.