Goldman Sachs says that it now expects gold to reach £1,752 ($2,300) by end of year as a result of the weakening US dollar, rising inflation and soaring government debt.
Analysts revised up their previous expectation considerably yesterday (Tuesday) in their latest briefing note. They had forecast £1,522 ($2,000) but see that price being surpassed.
It said, “This relentless decline in real interest rates against nominal rates bounded by the US Fed has caused inflation breakevens to rise in an environment that would ordinarily be viewed as deflationary. Ironically, the greater the deflationary concerns that policymakers must fight today, the greater the debt build up and the higher the inflationary risks are in the future.
“When discussing the drivers of investment demand for gold, it is important to distinguish between debasement and inflation. The key is that the current debasement and debt accumulation sows the seeds for future inflationary risks despite inflationary risks remaining low today.”
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