EDITOR'S NOTE: So, what’s the endgame for gold this year? Is it, as Bloomberg Intelligence claims, the price of $2,500 an ounce? How about crude oil prices falling to $50 a barrel? According to the video below, Bloomberg Intelligence forecasts these prices at the end of the year. If you’re a gold investor, that’s awesome news, not only for the potential appreciation of your holdings but for the possibility that you may get to travel this Fall without having to worry too much about exorbitant fuel prices (we can only hope). Bloomberg Intelligence sees gold breaking above resistance at $2,000, rendering that price level as the new “support” (a floor for prices). But given the Fed’s announced series of rate hikes, what’s the rationale for this specific price forecast? Are the experts expecting inflation to accelerate at a runaway pace despite the initial rate hikes? Might the Fed’s tightening efforts plunge the economy into a recession? If you've got two minutes, check out the video. Lots of interesting things to think about as you plan your investments for the remainder of the year.
The war in Ukraine and inflation fears remain the top drivers for gold, which is up around 6% since the start of the year. Here's a look at Kitco's top three stories of the week: