'Clash coming': Worst-case scenario for gold in this supercycle is to double, Wells Fargo is watching $3,000 gold Fed outlook
Despite a looming recession, commodities are in a supercycle, and gold stands to outperform, according to Wells Fargo. The worst-case scenario for the precious metal is double in price.
The last bear market was between 2011 and 2020."The bottom was in 2015 at around $1,000 an ounce," he said. Signs of an upcoming clash emerged over the weekend with the Silicon Valley Bank collapse, Credit Suisse turbulence this week, and contagion risk fears. Gold has been underperforming for the past three years — ever since hitting record highs above $2,000 an ounce in the middle of 2020.
"Your worst case in a supercycle is for gold to double," LaForge pointed out."Technically, a supercycle has to be marked with commodity as a group. And that was in March 2020. At the beginning of this new supercycle, gold was at $1,500. So, based on past cycles, you're probably looking at $3,000 at a minimum."
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