Will gold hit new historic highs?
“While the Fed, institutional investors, and pension funds own much of the debt that finances our fiscal spending, foreign countries account for nearly 30%. And chief among those foreign countries is China. Given that our relationship with China is quickly deteriorating, it is not clear what appetite it has for funding our economic recovery. So, expect gold prices to break new records until the economy is on a predictable path toward recovery without the fear of inflation, which given the early stages of the economic crisis caused by this pandemic, could be some time.”
USAGOLD note: Moy was Director of the United States Mint during the 2008 financial crisis.