Gold has no reason to fear the Fed, so investors shouldn't be betting against it - SSGA's George Milling-Stanley GeorgeMillingStanley gold Fed
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
"It is gratifying to see the disinflationary process now getting underway," Powell said in his press conference following the central bank"s monetary policy decision."We can now say, for the first time, that the disinflationary process has started. And we see it really in goods prices so far." "The markets are basically saying that they don't believe Powell, which is very concerning to me," he said."I'm inclined to believe him when he says what he's going to do."
"It is nice to see gold starting the year in our bullish range and I think it"s a very real possibility that we will see $2,000 this year," he said."Gold's performance last year was actually very respectable. And I'm expecting even better from gold this year." Milling-Stanley said that he sees a goldilocks environment for gold in 2023. If the Fed does end its tightening cycle early, that will create further weakness in the U.S. dollar, he said. He also added that gold would be an attractive inflation hedge as it would be unlikely that inflation falls back down to 2%.
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