Tag: gold price

Via Birch Gold Group

From Peter Reagan at Birch Gold Group

This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: Gold shedding its $2,000-locked sentiment, silver isn’t lacking big believers, and most expensive ancient gold coin ever sold.

George Milling-Stanley: Gold still has a solid shot at a new all-time high this year

George Milling-Stanley, chief gold strategist at State Street Global Advisors, says gold has a real chance to smash its old price records before the end of the year. Now, gold has been above and below $2,000/oz. for more than a decade. Its initial foray into +$2,000 territory was supported by conditions nothing like where we are today…

As opposed to being a tail end of a multi-year bull run, many instead feel that $2,000 simply represents gold’s “fair value” right now. (If nothing else, the currency has eroded to the degree this is believable.) Milling-Stanley explained that prices above $2,000 are often interpreted by traders that it’s time to take profits.

This kind of protracted back-and-forth sentiment must have left many gold bugs wanting. Stanley sees enough reason for gold to affirm itself above $2,000, though not necessarily providing an exact timeline on when it will happen. His reasons are a mix of politics, economy and more strengthening of the robust ongoing gold demand.

Short term, gold hasn’t successfully reached a fresh high because the investors “suddenly came to the conclusion that there would be a favorable outcome to the debt-ceiling debate and the U.S. would not default on its debt,” Milling-Stanley explains.

Imaru Casanova, VanEck’s precious metals portfolio manager, agrees. Complacency among investors is to blame. Investors “assume the banking turmoil is over and ignore the risks that remain by the significant stress imposed on the economy by sustained higher interest rates, and persistent inflation above the Federal’s Reserve’s target,” Casanova says. Continue reading “Will Gold Reach a New Record Price This Year?”

Authored by James Rickards via DailyReckoning.com,

The world has changed radically in recent years. We’ve had the worst pandemic since 1918, and the third worst in world history. We’ve had a global supply chain breakdown. Inflation has been the worst since the early 1980s, despite the fact that it’s come down since peaking last June.

Meanwhile, Europe is experiencing its worst war since the end of World War II.

That kinetic war in Ukraine has been accompanied by a financial and economic war between the U.S., the U.K., the EU and Russia that involves extreme financial sanctions, including seizing the central bank reserves of the world’s 11th-largest economy.

That financial war and accompanying sanctions disrupted supply chains on top of the disruptions that were already present. They still persist.

Continue reading “Rickards: The Real Reason Gold Hasn’t Exploded”