Will FOMO dominate the gold market? This sets the stage for $3k gold price: Bloomberg Intelligence

  • 📰 KitcoNewsNOW
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 78%

United States News News

United States United States Latest News,United States United States Headlines

Will FOMO dominate the gold market? This sets the stage for $3k gold price: Bloomberg Intelligence gold FOMO stocks

FOMO — the fear of missing out — could come to dominate the gold market as an economic slowdown in the second half of the year triggers a selloff in the stock market and a move towards $3,000 an ounce in gold, said Bloomberg Intelligence.

One primary driver keeping the Federal Reserve hawkish is a strong stock market. This is what has been keeping gold from rallying, with U.S. Treasuries yielding about 5% and the S&P 500 up around 15% in 2023. But this performance will not last, according to McGlone. A big gold price supporter has been central bank gold buying, which has offset gold ETF outflows. And once the stock market begins to see significant losses, nothing will be holding gold back.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in US

United States United States Latest News, United States United States Headlines