Trump vs. Biden: $4K gold target as Brandt eyes Bitcoin 'big buy signal'

Gold will gain regardless of whether Donald Trump or Joe Biden wins the election, one analyst says as Bitcoin targets $11,000.

In an interview with the media division of precious metals giant Kitco on Oct. 7, Frank Holmes, CEO of U.S. Global Investors, said that he was "Betting on gold" for bullishness by the end of the year.

"It's an auspicious time for the consumption of gold, and it's most highly correlated with GDP per capita growth."

Gold, like Bitcoin, saw highs in August before a fall which came in line with renewed strength in the U.S. dollar currency index.

The outcome of November's U.S. election has the potential to influence USD standing considerably, but Holmes believes gold will shake off the result.

"Some are betting on blue, some betting on red, and I'm betting on gold," he added.

As Cointelegraph reported, gold bug Peter Schiff has also painted a less-than-optimistic outlook for the dollar, arguing that a Biden win would be the worst case scenario.

Holmes confirmed that he was eyeing a $4,000 price target for XAU/USD. Bitcoin vs. gold one-year chart.

Sideways trading has mimicked the lack of progress in gold, with $11,000 remaining out of reach so far in October.

Discussing Square, Cointelegraph Markets analyst Michaël van de Poppe warned that "Dashes" of short-term bullish behavior may remain just that - unless Bitcoin can definitively overcome $11,000 resistance.