While 2021 was a tad rough for gold, financial experts are expecting more for the precious metal in 2022. George Milling-Stanley, chief gold strategist at State Street Global Advisors, told Kitco News there’s a 50% chance that gold will trade between $1,800 and $2,000 an ounce in 2022. The outlet’s annual survey found that 54% of participants believe yellow metal prices will rise above $2,000. However, David Lennox from Fat Prophets told CNBC that he doesn’t believe it will go much above record highs.
Kitco News/Neils Christensen
Gold Investors need to look beyond rate hikes in 2022 – State Street Global Advisors
After a disappointing year, gold prices are ringing in 2022 on a solid note, trading at a five-week high. According to one precious metals analyst, gold should be on pace to resume its long-term bullish uptrend in the new year.
In a telephone interview with Kitco News, George Milling-Stanley, chief gold strategist at State Street Global Advisors, said that his base case scenario, with a 50% probability, is for gold prices to trade between $1,800 and $2,000 an ounce in 2022. He added that he sees a 30% chance of gold prices pushing above $2,000 to a new record high.
“We see an 80% chance of gold prices staying in the current range to moving higher next year,” he said. “Even with the Federal Reserve looking to tighten interest rates next year, we think gold has a pretty good chance of moving higher.”
On the downside, Milling-Stanley said that State Street sees a 20% chance of gold trading between $1,600 and $1,800 an ounce.
Read the full story, here.
Gold prices could test record highs in 2022, says analyst
David Lennox from Fat Prophets names the factors that could drive gold near its record high prices this year, but said, “We can’t see it traveling much beyond that once it gets there.”
You can watch the full interview, here.
CNN Business/Matt Egan
The economy is booming. 5 reasons that could change in 2022
The US economy is heading into 2022 with serious momentum.
The recovery gained steam in the last few months, capping off what could be the fastest year of GDP growth since 1984, when Ronald Reagan was in the White House.
The hope is this rapid expansion continues in 2022, allowing the country to heal most of the economic wounds caused by the health crisis. The jobs market could return to full employment by the end of 2022. And red-hot inflation is expected to finally cool off, moving towards healthier levels.
And yet, the past two years have shown how unforeseen events can alter forecasts, sometimes dramatically.
You can read the full article, here.