Several investment banks have recently increased their gold price targets, predicting a bullish market for the next ten years. Considering that for many years, banks tried to persuade their clients not to buy gold and silver, what does this tell us?
Moreover, there were cases of large investment banks manipulating prices in the gold and silver markets. Some of them even had to pay hefty fines to regulators.
By contrast, banks are now advising retail investors to purchase gold. How should we interpret this behaviour? Most probably, investment banks now realize that they can't manipulate prices anymore, and consequently choose to suggest their customers to open long positions in gold and silver.
The global financial system is facing serious structural changes. No amount of growth can back the constantly mounting debt. Now that the growth is over, debt is looming ever quicker, and central banks have to keep frantically printing unbacked fiat money to sustain minimal economic growth.
As the pandemic unfolds, the economic crisis in the US will get even worse. The end of the 2020 fiscal year on September 30 saw the US budget deficit reach a staggering $3.2 trillion. Once Joe Biden is inaugurated as president, the deficit will likely increase to at least $5tn as democrats continue to pump money into economic support programs.
Precious metals investors have long understood what the central banks' policy will lead to. Banks have now realized this too, and that's why they offer their clients the possibility to diversify into gold.
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