Gold could hit $2,200 or higher amid high inflation and volatile stock markets, says strategists. Find out more
A good question, but plenty of people are.
In recent days rising demand has pushed the yellow metal towards its record of US$2,075 an ounce. Over the past six months, it has climbed from US$1,710 an ounce to a high of US$2,048. This morning it was trading at US$2,038. Gold is “that rare thing, an uncorrelated anti-stagflation hedge,” said BofA Global Research in a report entitled The new case for gold.
For years the precious metal has been seen as a safe haven in global economic turmoil. But these days when corporate profits are falling, inflation remains high and major currencies are losing value it is looking especially attractive, argue the strategists.Article content “The shift from a 2 per cent world to a 5 per cent world means structurally higher inflation and interest rates, and gold is one of the few assets with no correlation to stocks that is also robust against stagflation,” they wrote.That’s especially true because the old ways of diversifying aren’t working as well anymore, they said. Thirty years ago S&P 500 stocks were only about 10 per cent correlated.
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