No DMR today – 1/18/2023; Yesterday’s report follows.
Gold tracks lower as recession, possible government shutdown dent sentiment
Roubini sees gold at $3000 by 2028 as Fed ‘wimps out’ on inflation
(USAGOLD – 1/17/2023) – Gold tracked to the downside this morning as recession and a possible federal government shutdown dented investor sentiment. It is down $6 at $1912.50. Silver is down 24¢ at $24.14. Nouriel Roubini, who has become increasingly vocal about investors including gold in their portfolio mix, believes that the Fed will “wimp out” on the inflation fight as it faces the possibility of an economic crash and a new financial crisis.
He says gold is the best protection for investors and predicts it will rise to $3000 by 2028, providing investors with an average annual return of 10% over the next five years. “If I am right, that we will have a hard landing, the inflation is going to be persistent, the central banks are in a dilemma, and therefore, both equities and bonds will do poorly … Gold should do better,” he said in a recent Kitco News interview.
A little Ramirez-style humor to start your week –
Cartoon courtesy of MichaelPRamirez.com