Mohamed El-Erian And Bitcoin-Critic Peter Schiff Highlight Gold's Soaring Prices And Market Momentum: 'Just Sit Tight And Enjoy The Ride'
Portfolio Pulse from Kaustubh Bagalkote
Prominent economists Mohamed El-Erian and Peter Schiff highlight the ongoing strength and market momentum of gold, with El-Erian noting the significant expansion of the commodity rally and Schiff advising investors to hold onto their gold and silver assets. The price of gold has recently hit a new record high of $2,450 per ounce, driven by expectations of a potential interest rate cut by the U.S. Federal Reserve.
May 22, 2024 | 2:43 am
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POSITIVE IMPACT
VanEck Gold Miners ETF (GDX) is expected to benefit from the rising gold prices, as it invests in global gold miner equities.
VanEck Gold Miners ETF (GDX) invests in gold mining companies, which are likely to see increased profitability and investor interest due to the rising gold prices.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 75
POSITIVE IMPACT
SPDR Gold Trust (GLD) is likely to benefit from the ongoing strength in gold prices, as highlighted by economists Mohamed El-Erian and Peter Schiff.
The SPDR Gold Trust (GLD) directly tracks the price of gold, which has recently hit new highs. The positive outlook from prominent economists is likely to drive investor interest and inflows into GLD.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
iShares Gold Trust (IAU) is expected to see positive impacts from the rising gold prices and strong market momentum.
Similar to GLD, iShares Gold Trust (IAU) tracks the price of gold. The recent highs in gold prices and positive market sentiment are likely to attract more investors to IAU.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
Abrdn Physical Gold Shares ETF (SGOL) is likely to benefit from the ongoing rally in gold prices.
Abrdn Physical Gold Shares ETF (SGOL) holds physical gold, and the recent surge in gold prices is expected to positively impact its performance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 70