Whoa! I'll believe it when I see it, but it definitely could happen. Here's the scoop from Citibank. 
Citibank Sees Gold Hitting $3,000 an Ounce
By Rob Bates | April 22, 2024
"Citibank analysts have predicted that gold will pass $2,500 an ounce in the second half of the year and hit $3,000 an ounce within the next six to 18 months.
The forecast comes as the yellow metal’s spot price recently notched an all-time high of $2,431. It surpassed $2,400 again on Friday, but by press time on Monday had dropped significantly, to $2,337 an ounce.
Citibank analysts see the price of gold heading higher later this year; if the Federal Reserve begins another cycle of trimming interest rates, they said, it could be the “bullish kicker” that propels gold to $3,000.
For now, according to the Citibank report, “the bullion complex has decoupled from U.S. rates and the U.S. dollar, suggesting robust physical consumption drivers (e.g., India/China imports, bar/coin), [alternative and fiat currency] demand, geopolitical hedging, and central bank buying are supporting the market.”
Citibank said central bank demand was particularly strong, accounting for 25%-27% of annual gold mine production, with the People’s Bank of China the biggest buyer.
It also said that $1,850 to $2,000 had become gold’s new “price floor” (the global financial crisis of 2007–2009 had established a new floor for gold of $900 to $1,000 an ounce, the report noted).
Goldman Sachs analysts are ... "
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