Goldman Sachs has ditched its own $2,000 forecast and says we’re going to see $2,300 an ounce in the next 12 months:
A weaker day is setting up for stocks on Tuesday, as optimism over U.S. stimulus progress and vaccine news starts to fade, and attention turns to the start of a two-day Federal Reserve meeting.
One point made by Currie and the team is that hedges against inflation like commodities and stocks are likely far cheaper currently, than maybe in the future when inflation could start to show up. Current debasement — lowering the value of currencies — and debt accumulation “sows the seeds for future inflationary risks despite inflationary risks remaining low today.”
Goldman’s Currie isn’t that concerned though, as he said emerging market currencies are starting to see an ease in pressure and growth is starting to look up for the region. He sees those buyers will be ready to step in when prices stabilize and developed market purchasers run out of gas. Outside of the Fed meeting, the Case-Shiller national home price index and consumer confidence are ahead.
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