Citigroup Says Gold Could Go to $2,000; Is It Talking Its Book?

by Pam Martens and Russ Martens
Wall Street on Parade

Citigroup released an analyst’s note yesterday stating that “We expect spot gold prices to trade stronger for longer, possibly breaching $2,000 an ounce and posting new cyclical highs at some point in the next year or two.”

Gold was last on a record-breaking streak in 2011 when it shot through handles of $1500, $1600, $1700 and $1800 from April through August of that year. On an intraday trading basis, gold reached a high of $1,917.90 an ounce on August 23, 2011 and another intraday high of $1923.70 on September 6, 2011.

Gold then spent the next five years trading back down to the $1100 range. As the chart above indicates, gold has been moving decidedly higher this year, up 16.9 percent from January 2, 2019 to yesterday’s close. At 9:16 this morning, gold was trading at $1,504.40 an ounce.

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