“The FED Can’t Print Gold”: Bank of America Calls Gold The “Ultimate Store Of Value”, Raising Price Target To $3,000

from ZeroHedge

Bank of America says, “the size of major central bank balance sheets has been stable at 21-28% of GDP in the past decade just like the gold price,” however things are changing rapidly and “because central banks and governments have doubled their balance sheets and fiscal deficits, we are upping our 18-month gold target forecast from $2000 to $3000/oz.” And while it’s not all smooth sailing, with the bank warning that “a strong US Dollar backdrop, falling equity market volatility, and weak jewelry demand in both India & China may remain headwinds”, it is now clear that even Wall Street’s agenda is aligned with all those who have been calling out that the biggest beneficiary of central bank lunacy will be the “barbarous relic”, one which according to the most clueless person of the 21st century only had value because it was “tradition.” And yet here we are, when one of the biggest US banks just said that gold is the “ultimate store of value.“