The Canadian investment bank TD Securities says that it expects gold to be propelled to strong prices through 2021 due to inflation expectations as the global economy attempts to offset economic recovery with the huge levels of fiscal stimulus and government debt created by the pandemic response.

With more economic aid likely into the medium to longer term, the expectation is that inflation will begin to creep up, favouring a gold bull run. The bank’s strategists said, “The Fed will likely increase the weighted average maturity of its Treasury purchases, helping to suppress term premium and thereby to support precious metals. A continued economic recovery will once again fuel investment appetite in gold as an inflation-hedge asset. In fact, market-based expectations continue to suggest that inflation expectations are rising, which should ultimately drive capital to shelter itself in the yellow metal’s warm embrace as nominal yields remain capped.”

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