Gold could rise 20% in the new year as it regains its hedge status in an unexpected move, according to Byron Wien, vice president of Blackstone’s private wealth solutions business unit, and chief investment strategist Joe Zidle. For details cryptocoin.com keep reading.
Over $2,000 for gold seems likely, according to strategists
The announcement was made in Blackstone’s annual ‘Ten Surprises of 2022’ message and comes after gold dropped 3.6%, its worst annual performance since 2015. The surprise forecast for 2022 is based on investors turning to the yellow metal to hedge against troubled and more persistent inflation:
The price of gold rose 20%, reaching a new record high. Despite strong growth in the US, investors are seeking to hedge the perceived safety and inflation risk of gold amid rising prices and volatility. Gold is reclaiming its title as a haven for newly minted billions, even as cryptocurrencies continue to gain market share.
This would also mark a reversal of gold’s bearish trend, with prices fluctuating between $1,850 and $1,650 for most of 2021 despite annual inflation in the US rising to a 39-year high. Gold is also competing with Bitcoin for investors’ safe-haven appetite throughout 2021.
If Byron Wien’s prediction comes true, gold will hit new record highs above $2,160 this year. The strategist says he believes a ‘surprise’ event is likely (more than a 50% chance), but the average investor will only assign a ‘one-third chance’ of it happening.
The message was published on Monday and lists ten surprise events that could happen in 2022. Other potential surprises on the list include the S&P 500, which made no headway in 2022 as strong earnings clash with rising interest rates, persistent inflation becomes a dominant theme, 10-year Treasury yields rise to 2.75%, and ESG goes beyond corporate policy statements. taking.
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