Sprott Sees Gold Hit Fresh Record as Banking Crisis Unfolds

The metal topped $2,000 on Monday for the first time in a year
Bullion is on its way to “new highs,” says CEO Whitney George

A gold necklace and earrings displayed inside a Titan Co. Tanishq jewelry store during the festival of Dhanteras in Mumbai, India, on Tuesday, Nov. 2, 2021. Gold prices briefly rose above $2,000 an ounce on Monday, Mar. 20, 2023 for the first time in a year. — A gold necklace and earrings displayed inside a Titan Co. Tanishq jewelry store during the festival of Dhanteras in Mumbai, India, on Tuesday, Nov. 2, 2021. Gold prices briefly rose above $2,000 an ounce on Monday, Mar. 20, 2023 for the first time in a year.
Photographer: Dhiraj Singh/Bloomberg

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By Jacob Lorinc

March 20, 2023 at 8:53 PM UTC

This article is for subscribers only.

Gold prices could surpass the record set at the height of the Covid-19 pandemic if ongoing turmoil in the banking sector persists and global central banks downshift their interest-rate hiking cycle, according to Sprott Inc., a top investor in the bullion industry.

The haven asset briefly rose above $2,000 an ounce on Monday for the first time in a year as a deal to buy Credit Suisse Group AG failed to calm fears over the global banking industry. Concerns over contagion among US regional lenders have sparked bets that the Federal Reserve may slow the pace of monetary tightening, which usually means the price of gold is headed up.