Peter Schiff Says Gold Possibly On Never-return Trajectory After Friday's Spike Past The $2,000 Level
Portfolio Pulse from Shanthi Rexaline
Economist Peter Schiff predicts that gold prices may never fall below $2,000 again after a recent spike. He suggests that inflationary pressure will continue to drive gold prices up. The rise in gold prices is seen as a reflection of investors moving away from risky investments amid rising geopolitical tensions. The SPDR Gold Shares (NYSE:GLD) rose 1.16% on Friday.
October 28, 2023 | 6:00 pm
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POSITIVE IMPACT
The SPDR Gold Shares (GLD) rose 1.16% on Friday. The rise in gold prices, driven by inflationary pressure and geopolitical tensions, could potentially benefit GLD in the short term.
The rise in gold prices is a direct result of inflationary pressure and geopolitical tensions. As GLD is a gold-backed ETF, it stands to benefit from these conditions. The recent rise in GLD's price supports this analysis.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80