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The Federal Get's annual report is at risk of devaluation, and must the underlying properties fail, gold will react by "rising to a cost that stabilizes the Fed's annual report," said Dan Oliver, founder of Myrmikan Resources.
" The Fed, as you understand, has actually gotten on a large acquiring spree as a result of the virus scenario, and so for that reason the balance price of gold is rising commensurately, therefore the numbers now to balance that balance sheet are significantly high," he said. "My [forecast for gold costs] has changed. I'm at $10,000 now."
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$3,000 gold price no longer target; it’s now $10,000 when Fed's assets collapse
The Federal Reserve’s balance sheet is at risk of devaluation, and should the underlying assets fail, gold will respond by “rising to a price that balances the Fed’s balance sheet,” said Dan Oliver, founder of Myrmikan Capital.
“The Fed, as you know, has been on a massive purchasing spree because of the virus situation, and so therefore the equilibrium price of gold is going up commensurately, and so the numbers now to balance that balance sheet are enormously high,” he said. “My [forecast for gold prices] has changed. I’m at $10,000 now.”
__________________________________________________________________
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