$5k gold in next bull run, inflation to ‘tear society apart' if Fed fails - Michael Lee gold bitcoin stocks
Gold will reach $5,000 per ounce in the next bull run as inflation rises and the U.S. dollar weakens, according to Michael Lee, Founder of Michael Lee Strategy and a 20-year Wall Street veteran who previously worked as a VP at Morgan Stanley. Lee said that he would add “15 percent in gold” to his portfolio.
The latest headline Consumer Price Index data imply a year-over-year inflation rate of 6.5 percent in December, down from 7.1 percent in November. The Federal Reserve raised rates by 425 basis points last year in an effort to stem high inflation, which reached a peak of 9.1 percent in June. “The Fed is likely to go overboard in their restrictive policy, knowing the dangers of inflation,” he said. “You become a banana republic once your currency becomes worthless.”Those who claim that the Fed will soon pivot from its restrictive policy stance are “smoking crack,” said Lee.
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