Gold Bet by Crypto Whale Exceeds $23 Million as Deutsche Bank Sees $4,700 Fair Value

A high-stakes bet on gold has been placed by Loracle, a well-known trader in the crypto space. He has wagered over $23 million that the price of gold will rise, according to an on-chain monitor.

This is not just any ordinary bet. Deutsche Bank's analysts have also weighed in on the matter, predicting that gold's fair value could reach as high as $4,700 per ounce by year-end. This forecast is well above Monday's price and even exceeds the bank's previous target of $4,600 for Q4.

However, not everyone agrees with this bullish outlook. The World Gold Council, the industry's research body, has a more muted view. It expects gold to trade within 5% of $4,100 for the rest of the year, which is roughly $400 below Deutsche Bank's target.

The council notes that central bank buying has been a significant factor in supporting gold prices. In the second quarter, banks purchased a record 289 tonnes, with Poland and China being among the largest buyers.