Gold (GC=F) has seen quite the run in 2024 and is set for its best week since early April. The commodity is often viewed as a hedge bet against inflation, but could all that change if the Federal Reserve decides to cut borrowing charge rates?
Path Trading Partners Co-Founder and Chief industry Strategist Bob Iaccino joins Catalysts to discuss the momentum behind gold futures and what it means for both the Fed and gold traders
Iaccino speculates on gold’s future movements: “If inflation is picking up again, which I believe it is, gold will rally as a function of asset inflation.”
He continues: “When you look at asset inflation that comes with it, those of us that own resources like gold, we benefit from that. So my target for gold is about 4.8% higher from here. Very specific: $2,491 [per ounce]. If you get to $24,91, the speculator will probably push it to $2,500 just because they like those numbers.”
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