BankAmerica on GoldOnce those drills start turning, don't be surprised to find out we got a lot of gold on that property. Bateman estimated that there were 1.5 million ounces that we would be tripping over as we mine the copper. Then, it was $200-$250 per ounce, nobody cared. Today, BA sez it could go to $3000 per ounce, while we still own it, and if we soln find more, we might end up being a gold company again, this time with copper credits!! Ha....
(Bloomberg) -- Bank of America Corp. raised its 18-month gold-price target to $3,000 an ounce -- more than 50% above the existing price record -- in a report titled “The Fed can’t print gold.”
The bank increased its target from $2,000 previously, as policy makers across the globe unleash vast amounts of fiscal and monetary stimulus to help shore up economies hurt by the coronavirus.
“As economic output contracts sharply, fiscal outlays surge, and central bank balance sheets double, fiat currencies could come under pressure,” analysts including Michael Widmer and Francisco Blanch said in the report. “Investors will aim for gold.”
BofA expects bullion to average $1,695 an ounce this year and $2,063 in 2021. The record of $1,921.17 was set in September 2011. Spot prices traded around $1,678 on Tuesday and are up 11% this year.