June 11, 2021
Gold is finally having the inflation response rally that the bulls have called for over the last 6 months. Since the price bottomed out at just over $1650 in late March, it’s been on a solid run ever since. Inflation concerns and stimulus packages have vaulted the bullion over the $1900 threshold, but it has leveled out as investors now wait for more inflation data. The jobs report and comments from Treasury Secretary Yellen stating higher interest rates would be a “plus” for the Fed sparked a small rally in gold. However, the next week will be critical as the Fed meets next week and will report on its upcoming plans.
(New York)
FINSUM + Magnifi: Gold could rally on a modest inflation number because then there will be almost no chance of the Fed talking rate rises, additionally tax scares might make gold the only haven left for bearish investors.
Other news today: The Trade War with China is Back and The Newest Tax Plan Could Cause an Imminent Correction
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