Gold has been on a strong race and surpassed $ 3,000 for the first time last week, and now there are calls for even more upside for the prices of precious metal.

Jeffrey Gundlach, CEO of Doubleline Capital and generally known as “Bond King” for his expertise in fixed -income markets, believes the rally is far from over and could see Precious Metal Top $ 4,000.

Talking during a macroeconomic view presentation entitled “Not in My Neighborhood” highlighted Gundlach Gold’s lasting prismomentum along with other raw materials. Cryptocurrencies supported by precious metal, including PAXG and XAUT, have benefited from its historic price increase.

“I think gold is coming to $ 4,000. I’m not sure it will happen this year, but I feel like it is the measured feature expected of the long consolidation for about $ 1,800 on gold, ”Gundlach said.

Gold-supported cryptocurrencies have been better than the wider cryptocurrency market so far this year. While PAXG and XAUT have risen approx. 14% year to date, Bitcoin fell 11.4% in the same period, and the wider Coindesk20 index withdrew by over 25% during the same period. Gold ETFs last week have surpassed Bitcoin ETFs in assets under management.

His prediction is rooted in changing central bank strategies. Global central banks have increased their gold reserves and turned a period when their inventory had subsided. The total amount of gold held globally, according to the IMF data, which Gundlach was presented, has increased from a low of approx. 34 billion special drawing rights (SDR) in 2010 to 40.9 billion SDR, reaching levels that were last seen between 1975 and 1980.

Special drawing rights are an international reserve asset that the IMF created back in 1969, defined through a basket of currencies.