Gold is still overvalued as markets ignore growing central bank risks - Quant Insight's Huw Roberts QuantInsight HuwRoberts gold
- Gold's correction below $1,900 after its best start to the year in a decade might not be over, as one market strategist warns that the precious metal is still overpriced.
"We have macro warranted fair value at $1,822, so the price still has a little bit further to come down," he said. Roberts added that this bullish fundamental backdrop also came at a time when bearish speculative positioning was at a multi-year high. It's not just gold that has been overvalued. Roberts said that, in general, risk assets have been overvalued as investors focus more on cooling inflation pressure and less on the Federal Reserve's messaging.
Roberts said that investors need to pay attention to money markets, and if they start pricing in a terminal rate above 5%, that could be the catalyst for a selloff in risk assets again.
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