While gold’s hot streak may still be in its early innings, experts predict good things are coming for the precious metal. They say the upcoming demand for gold jewelry and ongoing inflation are helping cause a boost. “We have real inflationary pressures that, the longer they persist, the more of a problem that causes and the more people will look for inflation hedges,” State Street’s George Milling-Stanley told CNBC. In other news, Treasury Secretary Janet Yellen believes the end of inflation will depend on the pandemic and whether there is a “successful” response to COVID-19 by the Biden administration.
Gold is set to rally the coming months, two experts say. The key level they’re watching
Gold’s hot streak is still in its early innings, say the managers behind two of the largest ETFs on the market backed by the precious metal.
Bullion wrapped up its best week since May on Friday as investors bought it to hedge against rising inflation figures, the latest being the more than 30-year record spike in consumer prices. It has climbed 7.5% since its recent bottom in September and is now within 2% of breaking even on a year-to-date basis.
Recovering demand for gold jewelry could propel the price of gold even further, State Street’s George Milling-Stanley told CNBC’s “ETF Edge” this week.
As chief gold strategist at State Street’s SPDR ETFs, Milling-Stanley oversees the popular SPDR Gold Trust (GLD).
“Consumer demand led by gold jewelry mostly going into the emerging markets has done very, very well in the first three quarters of this year,” he said.
Continue reading, here.
Fox Business/Cameron Cawthorne
Yellen ties end of inflation with ‘successful’ response to COVID pandemic
Treasury Secretary Janet Yellen on Sunday claimed that the end of inflation will depend on the pandemic and whether there is a “successful” response to COVID-19 by the Biden administration.
In a pre-taped interview with CBS’s “Face the Nation” that aired on Sunday, Yellen was asked whether she is confident that the inflation rate will be back to normal levels by next November, prompting her to say the “pandemic has been calling the shots for the economy and for inflation.”
“If we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do,” Yellen told host Margaret Brennan. “I think it’s – it’s important to realize that the cause of this inflation is the pandemic.”
You can read the full story, here.
Yahoo Finance/Brian Sozzi
Inflation will be stalking your wallet for some time to come: Morning Brief
Full disclosure: I have never bought a turkey for Thanksgiving before.
Hang with me here because it’s not as weird as it sounds.
For the past 15 years I haven’t really had any Thanksgivings (don’t pity me, I bring this stuff on myself). Most of the time I was out in stores on Thanksgiving day either channel-checking for clients (when I was an analyst covering retailers) or reporting on the start of Black Friday (as seen here sitting in a Subway inside Walmart back in 2016 — timestamped!). Five years ago, I treated myself to a Thanksgiving in my car at a Kmart parking lot around midnight — it was a McDonald’s chicken sandwich (no timestamped Instagram post here, you will just have to trust me).
Prior to the age of 21, my parents bought the bird and I ate the bird. So bottom line is that I am no turkey-buying expert.
But, that doesn’t mean I can’t spot a horrible inflationary deal. Case in point: this 18.12-pound Bell & Evans $72.30 turkey I spotted (below) this past weekend ($78 turkey pictured behind it) that I came across at my local supermarket. One Twitter follower told me Bell & Evans is the “Ferrari of turkeys.” Yahoo Finance’s Ethan Wolff-Mann appeared to echo that hot take in a tweet to me as well. Others told me Butterball turkeys were cheaper.
You can read the full story, here.