Gold prices can go lower, but now is the time to build a strategic position - Incrementum' Ronald-Peter Stöferle IncrementumRonaldPeterStöferle gold Fed
- Now is the time for investors to look at building a strategic position in the gold market, according to one market strategist, as prices are expected to struggle in the near term due to rising bond yields on the short end of the curve.
At the same time, the yield on one-year notes is above 5%. Stöferle noted that when looking at inflation expectations, real bond yields are currently seeing positive returns. However, Stöferle added that the gold market continues to show relative strength despite the selling pressure. He explained that he sees the price action and resilient strength in gold as the market calling out central bankers' hawkish rhetoric.
"In the 2022 In Gold We Trust, we said that central bankers are doves in hawkish clothing and nothing we have seen has changed this view," he said."As soon as credit markets tighten, there's no way the Fed or any central banker will stay hawkish."
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