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| | | ADVERTORIAL | | Bloomberg: Gold Investors Don't Care About the Stock Market's Taper Tantrum | | Thursday January 25th, 2022
(Bloomberg) -- At a time when equities and Bitcoin -- often touted as digital gold -- are sinking as loose monetary policy draws to a close, bullion exchange-traded fund holdings are proving resilient. Despite expectations for multiple U.S. interest-rate hikes this year, bets for real rates to stay negative and demand for an inflation hedge are supporting the appeal of the time-honored haven.
Christoph Schmidt, who heads DWS Group's 20 billion euros ($22.6 billion) Multi Asset Total Return team, is among those in no rush to sell and who has helped keep prices from falling.
"I would not expect our gold position to change in the foreseeable future," said Frankfurt-based Schmidt, who has 8% of his funds in gold. "We don't see a dramatic change in the interest-rate environment."
Global stocks have slipped more than 6% and Bitcoin has lost about a fifth of its value on worries that an imminent Fed rate hike will sap investor sentiment.
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The metal gained 0.3% to $1,848.15 an ounce at 3:47 p.m. on Tuesday. Bullion for April delivery rose 0.6% to settle at $1,855 on the Comex.
One key reason money managers are sticking with gold is because they see real yields remaining negative as the Fed struggles to tighten policy enough to push interest rates above inflation. Concern about high inflation is helping gold too, with U.S. CPI rising at the fastest pace in four decades in December.
"We see gold making higher highs and higher lows going forward due to the amount of liquidity created over the last couple of years," said Michael Cuggino, president at Permanent Portfolio Family of Funds in San Francisco and who has a quarter of his holdings in precious metals. "Inflation is primarily a money creation issue."
Gold could also benefit from a potentially weaker dollar as investors cut positions in U.S. companies, according to Patrick Fruzzetti, portfolio manager at Rose Advisors in New York.
"The dollar at a minimum won't get stronger, but at a maximum will certainly get weaker," said Fruzzetti, whose team manages $1.4 billion.
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Blackstone Warns Of A 'Lost Decade' Where Stock Market Returns Are 'Anemic' The coming years could be a "lost decade" for equity returns as companies struggle to grow their earnings, Blackstone's Executive Vice Chairman, Tony James, told CNBC on Wednesday.
"I think this could be a lost decade in terms of equity appreciation," he said, referring to a term commonly used to describe a period in the 1990s when Japan experienced economic stagnation.
He explained that current low interest rates may not dip further and may instead rise to more normal levels in the coming years.
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Higher interest rates, in many instances, tend to negatively affect corporate earnings and stock prices. High borrowing costs will eat into company profits and hurt share prices.
In addition, companies will face "plenty of headwinds" that put pressure on earnings, he said. That include higher taxes, increase in operating costs, less efficient supply chains and "deglobalization" that will hurt productivity, explained James.
"All of that will be economic headwinds for companies. So I think you can have disappointing long term earnings growth with multiples coming in a little bit, and I can see anemic equity returns over the next five to 10 years," he added.
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Goldman Sachs, Wells Fargo, BofA See Gold Hitting Record Highs Above $2,000, Bloomberg $3,000 In 2022 Among the bullish banks, Goldman Sachs is one of the most optimistic. In November, analysts said they see prices pushing above $2,000 an ounce by the end of the year.
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Wells Fargo is also bullish on gold next year, looking for $2,000 an ounce as the precious metal plays catch up to the rest of the commodity complex. John LaForge, head of real asset strategy for Wells Fargo gold, will be sensitive to U.S. monetary policy in 2022; however, he added that it is unlikely the Federal Reserve will adopt overly aggressive monetary policies.
BofA also pointed to gold's upside in 2022 while also highlighting positive outlooks for silver and platinum. "As gold markets refocus from tighter monetary policy toward how high rates can rise, the yellow metal should rally; we believe 10Y Treasuries above 2.5% are difficult to sustain. Increased investment into solar panels should boost silver.
Bloomberg Intelligence sees gold outperforming other metals in 2022, citing enduring trends favoring the precious metal.
After largely ignoring the problematic inflation narrative for most of 2021, the markets are becoming fearful of the growing price pressures, Gareth Soloway, chief market strategist of InTheMoneyStocks.com, told Kitco News.
"What I am bullish on is gold. It is going to be the biggest performer here in 2022. You should see a move up to the highs from 2020. There is even a potential for a $3,000 price target on gold. You have to look at the inflation numbers. I don't think inflation will go back to 2%. The Fed will taper, but ultimately people will rotate into gold," Soloway said.
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- Global Inflationary pressures coupled with record breaking job openings is ushering in dreaded Stagflation. Hyperinflation & a global energy crisis eerily reminiscent of the 70's brings to mind Mark Twains quote "History never repeats itself, but it does often rhyme."
- Labor shortages and massive supply chain issues ahead of the Holiday season and going into 2022 have Economists and Financial Market Strategists forecasting it's going to get a whole lot worse before it gets better.
- The Federal Reserve has committed to tapering their asset purchases in 2021; just as the Liberal Democrats want to raise our debt several trillion dollars to "address structural problems in American society." As this Administration plans to weaponize the IRS and pass the "largest tax hike in a generation" affecting corporations whose share prices are already in "bubble territory" the demand for Gold & Silver and Gold & Silver backed Self Directed IRA's has skyrocketed.
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Why Are More Americans Than Ever Using Precious Metals in Their Investments?: - #1: Protect from the U.S. Dollar's ongoing loss in value.
- #2: Ensure that they will ALWAYS have value.
- #3: Safeguard from any downturn in stocks from Chinese virus and stock market volatility.
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Why This Matters To Most Retirement Account Holders.
| | Why This Matters To Most Retirement Account Holders. | Did you know that Gold is the best performing investment class since 2000?
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Heading into 2022 are you prepared? Economists, Financial Market Strategists and Bank of America are forecasting ZERO returns for the stock market over the next 10 Years!
1970's era Inflation has gripped our economy and Americans are helplessly watching as the purchasing power of their dollar shrinking. The Fed is backed into a corner, raise rates like Fed Chair Paul Volker ('80-'82) and crash the economy or let Inflation destroy the USD.
As hyperinflation is wreaking havoc on our economy along with the Democrats proposing multi trillion-dollar legislation (Build Back Better & Infrastructure) and the "largest tax hike in a generation" Democrats are also weaponizing the IRS to "make the economy more fair." Economists like Nouriel Roubini are warning dreaded Staglaftion could replace Inflation with the historic number of job openings (11M) and slowing economy.
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