Gold to Hit $8K Soon! Upcoming Gold & Silver Rally are Going to Shake the World - Willem Middelkoop

Gold prices have surged dramatically recently, experiencing a remarkable 20% increase within two months. This surge has nearly doubled the precious metal's value since the pre-pandemic era when it traded at around 1500 dollars. With yesterday's closing price surpassing 2400 dollars, gold's ascent has been noteworthy. The bullish trajectory of gold has been partially restrained by hawkish comments from Federal Reserve officials, suggesting a potential cap on its upward momentum. However, escalating tensions in the Middle East have contributed to a renewed interest in safe-haven assets, such as gold.
Willem Middelkoop, renowned author of "The Big Reset" and founder of the Commodity Discovery Fund, views the current trend as indicative of a bull market for gold, regardless of whether it reaches 3,000, 4,000 dollars, or even higher. Middelkoop also sees significant potential for silver to rise, potentially returning to levels around 40 or 50 dollars.
The rise of gold has not gone unnoticed by geopolitical players such as Russia and the BRICS nations, who are eyeing its growing momentum as a potential backing for their new currency initiatives. Concurrently, as the US dollar continues its gradual decline, more countries, including the US itself, are turning to gold as a global reserve asset. This heightened demand underscores the increasing value of the precious metal and sets the stage for a potential standoff between BRICS and the US dollar.
Middelkoop asserts that gold's recent breakout from a four-year channel, ranging between 1,700 and 2,100 dollars, signals the onset of a new upward cycle reminiscent of significant surges witnessed in the 1970s and post-millennium periods.
According to a report by FX Street, Wall Street analysts are scrambling to revise their gold price targets upwards. Goldman Sachs predicts a target of 2,700 dollars, Bank of America forecasts 3,000 dollars by next year, and UBS suggests a potential rise to 4,000 dollars within the next "2 to 3 years." Such projections imply a near-tripling of gold prices, constituting the most significant rally since the 2008 financial crisis.
Despite acknowledging persistent manipulation in the market, mainly through futures trading, Middelkoop remains optimistic that manipulation will eventually cease, allowing the market to reflect the actual value of precious metals.
Meanwhile, the Vietnam National Assembly Standing Committee has urged the Government and the Prime Minister to investigate gold trading firms to promptly address any violations in business activities and potential market manipulation amid soaring domestic gold prices.

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