Daily Gold Market Report
Gold breaks tentatively to the upside as inflation rate moderates
Druckenmiller says recession will begin this quarter, owns gold and silver
(USAGOLD – 5/10/2023) – Gold turned tentatively to the upside this morning as the inflation rate came in lower than expected at 4.9% – a reading that raises the prospect of a rate pause. It is up $5 at $2042. Silver is up 18¢ at $25.87. The good news is that Fed tightening looks to be taking effect on inflation; the bad news is that it also raises the prospect of a recession.
Stanley Druckenmiller, the famed hedge fund manager, says the US economy is headed for a hard landing and that it will begin during the current quarter. “I am not predicting something worse than 2008. It’s just naive not to be open-minded to something really, really bad happening,” he told the Sohn Investment Conference yesterday. “Druckenmiller, who recently announced shorting the dollar, added that there are “no fat pitches” when it comes to investment ideas and that his Duquesne Family Office owns gold and silver. [Source: Bloomberg]