Gold is just stepping back to build a running start
- After a month of massive volatility, markets are now comfortable with the idea that the Federal Reserve is not done raising interest rates. Not only is a 25-basis point hike for May firmly priced in, but markets have now pushed back the timing of any potential rate cut to the end of the year.
There are unique reasons why inflation is exceptionally high in Britain. Still, the data indicates that inflation is a global problem that will likely become entrenched in the broader global economy. The British inflation data showed that food prices rose 19.2% in the last 12 months. Even those who don't eat beef are stuck. This week analysts at Fitch Solutions published a report saying that rice production in 2023 is expected to see its worst annual production in 20 years. According to Fitch, The world could see a rice deficit of 8.7 million tonnes.
Looking past global monetary policies, there are other reasons to be bullish on gold, including the fact that it remains an essential monetary metal. The worldwide de-dollarization trend is picking up significant momentum. In a recent report, Stephen Jen, CEO and co-CIO of Eurizon SLJ Capital, said that the U.S. dollar's share as a global reserve currency dropped to 47% last year, down from 55% in 2021. In 2020, 73% of reserves were in U.S. dollars.
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