Altszn.com
No Result
View All Result
  • Home
  • Crypto
    • News
    • Currencies
    • Exchanges
  • DeFi
    • News
    • Tokens
  • Stocks
    • Pink Sheets
    • Psychedelic Stocks
  • Resources
    • Buy/Sell Crypto Instantly
  • Merch
  • Home
  • Crypto
    • News
    • Currencies
    • Exchanges
  • DeFi
    • News
    • Tokens
  • Stocks
    • Pink Sheets
    • Psychedelic Stocks
  • Resources
    • Buy/Sell Crypto Instantly
  • Merch
Altszn.com
No Result
View All Result

Why surging U.S. inflation has gold bulls looking for record highs

Why surging U.S. inflation has gold bulls looking for record highs


Gold prices rallied Wednesday, and record prices may not be far out of reach, some analysts said Wednesday, as investors scramble for cash alternatives in response to data showing U.S. inflation running the hottest in more than three decades.

“Inflation is growing red hot and the transitory theme is falling apart,” said Peter Spina, president and chief executive officer at GoldSeek.com. Federal Reserve officials, including Vice Chairman Richard Clarida on Monday, have said a big spike in inflation was largely “transitory.”

U.S. government data on Wednesday revealed that the consumer-price index jumped 0.9% last month, topping the 0.6% rise forecast by economists polled by The Wall Street Journal. The pace of inflation over the past year has climbed to 6.2%, the highest rate since November 1990.

“Managing expectations was once the Fed’s most powerful tool, but now they are losing control of the narrative as ongoing price rises really start to stock the perception [and] awaken the market, Spina told MarketWatch. “Real yields are falling further into negative territory and gold is gaining buying interest.”

Read: Broadening U.S. inflation, now at 31-year high, has bond market considering greater chances of earlier interest rate hikes again

“Strong inflation will drive buyers back into gold, joining the strong buying we are witnessing in Asia and elsewhere. The fundamentals are very bullish for gold,” he said.

On Wednesday, December gold
GC00,
+1.09%

GCZ21,
+1.09%
,
the most actively traded contract, climbed $17.50, or 1%, to settle at $1,848.30 an ounce on Comex, for its highest settlement since mid-June, FactSet data show.

““The worst U.S. inflation in three decades means the worst ever loss of purchasing power for cash savers.””


— Adrian Ash, BullionVault

“It’s nice to see that gold is once again providing a valuable role in offsetting inflation and providing an alternative to financial markets,” said Peter Grosskopf, chief executive offer at Sprott, told MarketWatch.

U.S. benchmark stock indexes declined modestly Wednesday following the hotter-than-expected consumer inflation reading. The Dow Jones Industrial Average
DJIA,
-0.73%

was down by more than 100 points, or 0.3%, while the S&P 500
SPX,
-1.00%

fell 0.8% and the Nasdaq Composite
COMP,
-1.95%

edged down 1.7%.

Gold may “resume its march to record prices,” while the effects of the Fed’s tapering of asset purchases begin to show…



Read More:www.marketwatch.com

Related articles

UAE: Gold prices rise as US dollar weakens

UAE: Gold prices rise as US dollar weakens

May 23, 2022
After 4 weeks of selloff, gold manages to attract buyers as US dollar takes a break

After 4 weeks of selloff, gold manages to attract buyers as US dollar takes a break

May 22, 2022
Tags: article_normalbasic materialsBasic Materials/ResourcesBullsC&E Exclusion FilterCommodityCommodity marketsCommodity/Financial Market NewsCOMPConsumer Price IndexContent TypesDJIADow Jones Industrial AverageEconomic Newseconomic performanceEconomic Performance/IndicatorsEquity MarketsFactiva Filtersfinancial market newsGC00GCZ21goldGold Continuous ContractGold Dec 2021Gold MarketsHighsIndicatorsInflationinflation figuresInflation Figures/Price IndicesMetalsMetals MarketsMetals/MiningMiningNASDAQ Composite IndexPrecious Metals Marketsprice indicesrecordResourcesS&P 500 IndexSilver Dec 2021SIZ21SPXsurging
Share76Tweet47ShareShare
UAE: Gold prices rise as US dollar weakens

UAE: Gold prices rise as US dollar weakens

May 23, 2022

Gold prices rose on Monday morning on the back of a decline in the US dollar.Spot gold rose 0.52...

After 4 weeks of selloff, gold manages to attract buyers as US dollar takes a break

After 4 weeks of selloff, gold manages to attract buyers as US dollar takes a break

May 22, 2022

After four weeks of sharp losses and a break below the key $1800/oz level, COMEX gold ended the week...

The Colombian sun rises for Auxico Resources with a mining permit for its rare earths

May 20, 2022

A pleasant surprise is always a nice thing. These days it seems that any time you see the S&P...

Stablecoin Crash: Why Are Crypto Markets In Trouble?

Stablecoin Crash: Why Are Crypto Markets In Trouble?

May 19, 2022

Bitcoin, the bellwether for the crypto market, took a beating this week. Blame the stablecoins. On Thursday, Bitcoin hit...

Big Money Crypto Traders Still Bullish on BTC and ETH, LMAX CEO Says

Big Money Crypto Traders Still Bullish on BTC and ETH, LMAX CEO Says

May 18, 2022

LMAX Group CEO David Mercer believes crypto could overtake gold within the decade The firm’s institutional clientele showed strong...

Load More

Penny Stocks To Buy Now? 4 To Watch Under $1

May 23, 2022

WEF 2022: Serious people to stay in crypto despite market setbacks, says CCI CEO

May 23, 2022

French Luxury Giant Balenciaga Unveils Bitcoin and Ethereum Payments

May 23, 2022

Near Protocol picks up slack, onboards Tracer following Terra’s downfall

May 23, 2022

WEF 2022, May 23: Latest updates from the Cointelegraph Davos team

May 23, 2022

WEF 2022: Ripple CEO reveals he visited SEC several times before lawsuit struck

May 23, 2022
WEF 2022: PayPal looks to embrace all possible crypto and blockchain services

WEF 2022: PayPal looks to embrace all possible crypto and blockchain services

May 23, 2022

WEF 2022: Ripple SVP says crypto winter provides an opportunity to build

May 23, 2022

Altszn provides the latest news, resources, insights and analysis on cryptocurrency and other alternative markets.

Useful Links

Advertise
DMCA
Contact Us
Privacy Policy
Shipping & Returns
Terms of Use

Newsletter

Newsletters suck. Ours don't. Win free merch and get our top stock and crypto picks weekly. Subscribe below!

© 2021 Altszn.com. All Rights Reserved.

No Result
View All Result
  • Home
  • Crypto
    • News
    • Currencies
    • Exchanges
  • DeFi
    • News
    • Tokens
  • Stocks
    • Pink Sheets
    • Psychedelic Stocks
  • Resources
    • Buy/Sell Crypto Instantly
  • Merch

© 2021 Altszn.com. All Rights Reserved.

  • bitcoinBitcoin(BTC)$48,384.00
    BITCOIN
    24H : 2.87%
    Volume : $33,057,891,345.00
    Marketcap : $909,581,795,099.00
  • ethereumEthereum(ETH)$3,248.77
    ETHEREUM
    24H : 4.23%
    Volume : $18,072,639,834.00
    Marketcap : $379,778,485,047.00
  • cardanoCardano(ADA)$2.86
    CARDANO
    24H : 12.58%
    Volume : $6,707,362,837.00
    Marketcap : $91,176,670,788.00
  • tetherTether(USDT)$1.000
    TETHER
    24H : -0.28%
    Volume : $62,059,158,017.00
    Marketcap : $65,896,658,559.00
  • usd-coinUSD Coin(USDC)$1.000
    USD COIN
    24H : -0.04%
    Volume : $2,238,029,775.00
    Marketcap : $27,151,271,986.00
  • bitcoin-cashBitcoin Cash(BCH)$627.10
    BITCOIN CASH
    24H : 2.70%
    Volume : $4,900,153,707.00
    Marketcap : $11,775,480,241.00
  • stellarStellar(XLM)$0.352
    STELLAR
    24H : 4.85%
    Volume : $588,278,542.00
    Marketcap : $8,286,207,388.00
  • tronTRON(TRX)$0.087
    TRON
    24H : 4.64%
    Volume : $1,119,665,214.00
    Marketcap : $6,209,551,515.00
  • moneroMonero(XMR)$312.72
    MONERO
    24H : 6.72%
    Volume : $299,162,049.00
    Marketcap : $5,596,455,111.00
  • bitcoin-goldBitcoin Gold(BTG)$67.44
    BITCOIN GOLD
    24H : 5.29%
    Volume : $54,731,016.00
    Marketcap : $1,180,957,704.00