Gold trades sidewise in follow-up to Friday’s sharp advance
Boockvar sees gold and silver in ‘can’t lose’ situation

(USAGOLD – 2/14/2022) – Gold is trading sideways in the follow-up to Friday’s sharp advance as investors continued to weigh the Fed’s response to a stiff acceleration in inflation, and the U.S. warned that a Russian invasion of Ukraine was imminent. It is down $1 at $1859. Silver is up 23¢ at $23.87. The metals pushed steadily higher on Friday following what looked like an orchestrated effort by the Fed (posted at Bloomberg, CNBC, and Financial Times) to calm market fears of an aggressive policy approach. (Please see “Press release?“) As of this morning, gold is up 3% year to date. Silver is up 4%.

Cartoon courtesy of MichaelPRamirez.com

Bleakley Advisory Group’s Peter Boockvar sees gold and silver as now in a can’t lose situation. “Today’s CPI was hotter than expected and February’s print could be as well but again, it’s to what extent does it slow from here that should matter for markets,” he says in a Bloomberg update posted Friday at Yahoo!Finance. “I’ll use this as another opportunity to express my bullishness on gold and silver. From here, either the Fed will tighten too much and growth slows that results in the Fed backtracking and that will be bullish for gold or the Fed will still be too slow in tightening, real rates will remain firmly negative and that will be positive for gold.”