The Fed announced Wednesday that it plans to cut its asset-buying plan by the end of November with a $10 trillion cut in Treasuries and $5 billion in mortgage-backed securities. Gary Wagner, editor of TheGoldForecast.com, discussed the impact of this decision on gold prices. Agnico Eagle CEO also shared his analysis for gold. cryptocoin.com We examine the comments of experts…
What did experts say about gold prices?
Gary Wagner, editor of TheGoldForecast.com, said, “What’s growing significantly is our national debt. Debt has basically doubled since the pandemic and has to be dealt with at some point. Or maybe it shouldn’t be resolved… It’s a new way of looking at the economy where you’re just printing money to get us out of a recession, but I think at some point debt will come up against them. This will take gold very high,” he said.
Agnico Eagle CEO Sean Boyd said investors are still weighing the risk of inflation, which is causing breaks in gold’s rise. The CEO pointed out that gold was trading above $1,900 in the spring, but has struggled to stay above $1,800 this fall. “Gold is stuck right now because investors are still trying to determine what inflation will look like,” Boyd said. We are of the opinion that ‘inflation is not temporary’. We can see that the prices are starting to rise. We see more persistent inflation in the process. “This is a recipe for higher gold prices,” he said.
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