Bloomberg Predicts Gold at $3K, Bitcoin at $20K in Current Bull Run

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A bullish comment on gold by a top Bloomberg Intelligence analyst could leave Bitcoin in a similar upside spell. The firm’s senior commodity strategist, Mike McGlone, said in his August update that he expects the precious metal’s price trajectory to accelerate. The analyst took the upside cues from “favorable macroeconomic fundamentals,” led by a bearish US dollar and expectations of a correction in equities. “When bear markets in the dollar and equities arise, gold will gain substantial tailwinds,” he noted. A $3,000 Gold Ahead Gold hit an all-time high earlier this August after breaching over its 2011-high of $1,920 an ounce. The precious metal later pared part of its gains on growing selling pressure near its top. While many analysts saw the correction as the end of the Gold bull run, some like Mr. McGlone made their bets in favor of continued upside momentum. In his August note, the strategist…

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