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, Gold Futures have risen over $250 to move above $2400 as I type this column while trading up 11 of the past 13 Comex sessions. The safe-haven metal is rising sharply despite real yields and sticky inflation signaling “higher-for-longer” Fed policy interest rate expectations.
With the stock market beginning to show signs of topping, investors are waking up to the fact that the Federal Reserve is trapped between a weakening economy and its inflation-fighting mandate. The analysts noted that North American-listed funds saw holdings increase by 4.8 tonnes, valued at $360 million. At the same time, Asia-listed funds saw their 13th consecutive month of inflows as holdings increased by 3.1 tonnes, valued at $217 million.
With Western mainstream investors having yet to come into the gold space in size, record purchases of gold by Chinese citizens and central banks replacing U.S. dollars and other paper currencies for bullion at a record level has taken up the slack. The U.S. monetary base just increased by $53 billion, up $575 billion since February 2023, during what is supposed to be one of the most restrictive monetary policies since the 1970s.
Meanwhile, precious metals equities, which had been lagging the gold price for the past 4-years, still have plenty of catching up to do as they remain historically inexpensive.
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