HUGE NEWS From Central Bank & BRICS! They Just Declared War on Your Gold & Silver - Egon von Greyerz
HUGE NEWS From Central Bank & BRICS! They Just Declared War on Your Gold & Silver - Egon von Greyerz
Egon von Greyerz, Founder and Managing Partner of von Greyerz AG, highlights the ongoing trend of BRICS countries and central banks purchasing gold, signaling a bullish sentiment for the precious metal. He emphasizes that central banks typically acquire gold off-market, exerting upward pressure on prices.
Over the past year, gold reserves have increased significantly, driven primarily by a diversification strategy. Key players such as China, Germany, and Turkey have spearheaded a global initiative to safeguard assets amid concerns about the current state of the US dollar. This strategic move could provide insulation in a worst-case scenario for the United States.
Despite the traditional correlation between gold and negative real interest rates, Egon notes the current anomaly of higher interest rates compared to inflation. Gold prices have surged to all-time highs, nearing $2,230 per troy ounce, marking the fifth consecutive session of gains. However, light trading volumes on Good Friday suggest cautious market sentiment.
Market sentiment is leaning towards major central banks initiating an interest rate-cut cycle, spurred by Federal Reserve Chair Jerome Powell's recent statements. Although Powell indicated that the central bank remains vigilant against rising inflation, former Fed officials and analysts anticipate challenges ahead as Powell navigates competing economic risks and a divided group of policymakers.
Egon attributes gold's recent ascent to geopolitical and economic factors, including worldwide escalating deficits and debt levels. These factors contribute to the appeal of gold as a safe-haven asset in times of uncertainty.
In February, US prices showed signs of moderation, with the cost of services outside of housing and energy experiencing a notable slowdown. According to a report from the Commerce Department released on Friday, this development has left the possibility of a June interest rate cut from the Federal Reserve on the table. Despite this moderation, the report also revealed that consumer spending witnessed its most significant increase in just over a year last month, highlighting the economy's resilience.
Even with higher borrowing costs, the United States continues to outperform its global counterparts, buoyed by the labor market's ongoing strength. The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures price index, recorded a 2.5% increase for the 12 months ending in February, slightly higher than January's 2.4% rise, in line with FactSet consensus estimates.
The surge in the annual inflation rate was mainly driven by a 2.3% jump in energy prices last month. Egon emphasizes that while the current reduction in inflation may be perceived as temporary, inflationary pressures are expected to persist. Expectations indicate that commodity prices, including those of food and fuel, will continue to rise, potentially undermining any short-term reduction in inflation.
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