Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- While French Bank Société Générale has slightly reduced its exposure to the precious metal, it still remains positive on the precious metal as inflation remains stubbornly elevated amid plans by the Federal Reserve to end its tightening cycle.
"Headline inflation continues to cool, but core inflation remains stubbornly high, and the Fed is near its cyclical peak. As the timing of a potential US recession recedes, these developments give the Fed the opportunity to keep rates higher for longer to fight inflation.
"With the low-hanging fruit in the inflation fight already picked, we think the gold market will have to price in higher forward CPI projections. As a result, we see gold appreciating to $2,200/oz in lumpy moves by end-2024, as the market adjusts its forward inflation expectations with the macro newsflow.
"Despite 139t of gold being withdrawn from ETF coffers since early June, the current value, at 2,789t is more than 20% above the average holding in 2016-20 . These elevated holdings open the door for further outflows from ETFs in the short term if no bullish catalysts galvanize investors to diversify further into gold," the analysts said. "While money managers' long positioning has remained elevated in 2023, we noted a strong increase of short positions in August.
France Dernières Nouvelles, France Actualités
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