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 to a high of US$2,048 an ounce from US$1,710. 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.
The precious metal has been seen for years as a safe haven in global economic turmoil. But these days, with corporate profits falling, inflation remaining high and major currencies losing their value, it is looking especially attractive, the strategists said.Article content “The shift from a two-per-cent world to a five-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 said.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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