David Garofalo predicts that investors will soon realize that global inflationary pressures will not be temporary, as central banks say.
When that happens, it is possible that gold prices will rise to $ 3,000 an ounce, said Garofalo, who ran Goldcorp prior to its acquisition by Newmont Corp and now heads Gold Royalty Corp.
If the rest of the commodities are to be believed, the rally in gold, when it does occur, could be dramatic, Garofalo said in an interview. “It's about months,” he explained. “The reaction is usually immediate and violent when it happens. This is why I am convinced that gold will hit $ 3,000 an ounce in a matter of months, not years. "