Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- Stubbornly high consumer prices have been taking their toll on gold as they force central banks worldwide, led by the Federal Reserve, to aggressively raise interest rates; however, a much bigger trend in the marketplace continues to support the gold market's bullish long-term outlook.
"Price inflation can have many sources, but what we can see is that the long trend of lower money velocity, the number of times that money moves from one entity to another, now has turned around. The combination of unabated money printing from the central banks resulting in enormous balance sheets and higher money velocity gave us the latest price inflation," Strand said in his latest research note.
Looking ahead, although gold prices have been stuck in a range between $1,900 and $1,980 an ounce, Strand said that he remains optimistic that gold will see new all-time highs, if not by year-end, then by early 2024.
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