Recently at the week end review, ABC Bullion foresee Rate cuts in gold are coming! Precious metal prices were driven by a range of factors this week, the most powerful of which is the increasing likelihood that the United States Federal Reserve will begin to ease monetary policy, with the first interest rate cut in more than two years likely to be delivered by September at the latest.
Gold and silver, which have been well bid all year, have by and large reacted positively to the increased likelihood of more dovish monetary policy, though both pulled back in trade in the latter part of this week.
In the Indian market, the World Gold Council (WGC) reports a decline in jewellery demand, but rising investment and central bank purchases, with the WGC noting: “Seasonal factors and high prices have dampened the demand for gold jewellery.
At the same time, anecdotal reports indicate persistent demand for bars and coins, with indications of a likely shift from jewellery to bars and coins for some consumers. Moreover, there has not been significant distress selling of gold or profit taking from gold sales that is being reported, as consumers anticipate further price increases.”
Strategist Dr Nomi Prins also spoke favourably about the outlook for gold, and why central banks have such a voracious appetite for the metal these days, with an interview from 16th July with Investing News Network noting that “We are at the cusp of I think a major, major bull cycle for real assets because of weakness in banks, because I think the (US Federal Reserve) and other central banks are less relevant with respect to monetary policy and controlling anything.
Gold’s role as a wealth protector and diversifier was also noted by Sprott’s Ryan McIntyre, who spoke of the precious metals as the antidote to several macro concerns.
On that last comment regarding macro concerns, an excellent case can be made that whether those concerns involve geopolitics, extreme public deficits, problematic inflation levels or a potentially (likely?) overvaluation of the US stock market, gold can play a role safeguarding wealth in the period ahead.
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