Gold could be mere weeks away from record new highs according to one industry expert, who says he expects a rapid rise in inflation as early as March or April.
VanEck investment fund portfolio manager Joe Foster says that a highly inflationary period is looming on the horizon and when that hits, gold prices will take off and easily surpass the previous £1,495 ($2,067) record seen last August at the height of the coronavirus disruption.
Foster is calling for a substantially higher figure this time around, with his expectation of a huge leap towards a £2,171 ($3,000) price action.
He explained, “We see the same drivers driving gold in the near term and the long term, and we think we’re in another one of these secular bull markets for gold that’s going to take it much higher. We think inflation is going to perk up around March or April and that’s just based on a year on year comparison, when the pandemic hit, the economy collapsed, so when you look at the year on year comparison, we’re probably going to see inflation trend over 2% starting around March or April, and that will carry it for a few months.”
With this scenario just weeks away, now is the opportune moment to act. Don’t delay, buy now.