In late July, prices for the gold soared to all-time highs amid concerns over the economic fallout from the pandemic, but Deutsche Bank has since turned bearish on gold. “We think it’s very difficult for gold to again see new highs,” said Michael Hsueh, commodities and foreign exchange strategist at the bank, to CNBC on Wednesday, “We’ve turned strategically bearish on gold, and down cycles in gold tend to be multi-year.” Deutsche Bank released its 2021 year end price target of $3,950, anticipating growth of 8% by next year, and 38% increase in profits. Jim Reid, managing director, head of global fundamental credit strategy at Deutsche Bank, added, “There seems to be an increasing demand to bitcoin where gold used to be used to hedge dollar risk, inflation, and other things.” Bitcoin is emerging as digital gold due to its limited, predictable supply and store of value outside banking influence. The U.S. Dollar Index (DXY) has fallen from its highs of $102.82 in March to a low of $90.64 at the time of writing, a slide of nearly 12% this year, and reached its lowest levels in over two-and-a-half years. "The dollar is not just going down. It is going to crash," said bitcoin critic Peter Schiff in a Fox News interview. On Wednesday, Forbes released a report that many executives within Deutsche Bank are anxious to sever ties with President Donald Trump on $340 million in loans that are mortgaged against failing real estate assets. The German bank has a market cap of $24.3 billion.