Kevin C. Smith, the Founder, CEO, and CIO of Crescat Capital, has made an interesting forecast for gold. His price target for gold sits at $20,000 per troy ounce, and he believes this level could be reached within approximately four years. Smith bases his prediction on two independent macro models that point to the same conclusion. The first model looks into the relationship between global M2 money supply and the above-ground gold stock. The second uses a gold-to-S&P 500 ratio analysis that assumes a 50% stock market decline. Both models independently point to the same $20,000 price target.