Gold could be headed to $4,000 in the next three years.

“It’s quite easy to see gold going to $4,000,” Frank Holmes, CEO at investment firm U.S. Global Investors, told CNBC.

All thanks to further fallout from the coronavirus, economic fears, tensions with China, central banks pumping liquidity into markets, and fear ahead of U.S. elections.  Worse, the International Monetary Fund estimates the global economy could shrink by up to 5% this year, prompting central banks to pump billions into the financial markets.

“We’ve not seen this level where central banks are printing money at a zero interest rate. At zero interest rates, gold becomes a very, very attractive asset class,” Holmes added.

Even with all of that in play, there are two factors that could reverse gold’s fortunes – the end of uncertainty over the U.S. elections, and the hopeful end of the coronavirus.  According to Third Bridge Group, as also noted by CNBC, gold prices could fall to below the $1,600 mark after the elections, before rallying again next year.