We are sitting on economic cliff': Gold price will be 'well north of $2,000 this year'

Gold last traded at $1,772 an ounce. Silver at $26.09 an ounce.

NEWS SUMMARY: Precious metal prices eased back Thursday on rising interest rates and upbeat GDP data. U.S. stocks rose, led by strong first quarter earnings reports from tech giants Apple and Facebook.

KITCO---"Investors could see a big move higher in gold soon, according to ex-JP Morgan managing director and now CEO of Trovio, Jon Deane, who sees prices trading well north of $2,000 an ounce this year.

Inflation is already here, and the world is sitting on an economic cliff, which makes assets like gold, silver, and bitcoin very popular with investors, Deane told Kitco News.

'We are already seeing inflation. If you look around the world, you see real estate prices, building supplies, and services skyrocket,' he said. 'What we created since the early 1990s is an entire financial infrastructure that is relying on debt, and we have accelerated that dramatically in our response to managing the COVID-19 crisis. In that regard, we will continue to increase the money supply globally, and we will continue to have a quite aggressive fiscal policy. We are sitting on an economic cliff'....

'We'll go well north of $2,000 this year. Realistically, $2,200 is probable. It may have some headwinds as we go through $2,000 again. Gold is in a much better position than where it was a few months ago,' Deane said."