Bank of America, Citi and Goldman Sachs See More Upside Potential for One Asset As Analysts Warn of Potential Leg Down for S&P 500: Report

Three of the largest banks in the US say one of the year’s best performing assets still has more room to run to the upside.

Starting with Bank of America, head of metals research Michael Widmer says that while the precious gold may witness a short-term pullback after hitting a new record high of $3,085, he predicts the precious metal will soar toward his long-term target of $3,500, reports Bloomberg.

Widmer says his bullish stance is supported by China’s recent move that allows insurance firms to invest in the precious metal. According to Widmer, China’s new program could spark a new wave of accumulation to the tune of 300 tons of gold.

Meanwhile, Citi’s global head of commodities, Max Layton, believes that gold can surge

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