Gold's ticket to $2,000 is U.S. recession and it's looking more likely, says Bloomberg Intelligence gold economy
Gold's best chance to get to $2,000 an ounce this year is for the U.S. economy to fall into a recession — a scenario that looks more likely due to the Federal Reserve's stance, according to Bloomberg Intelligence's March outlook.
And markets got spooked by solid employment, stubborn inflation, and robust retail sales and PMI data from January. The fear is higher-for-longer interest rates and the Fed reverting back to 50-basis-point hikes. "The greatest potential for economic contraction from the yield curve in about 30 years and the Federal Reserve still tightening could guide most metals lower and gold higher in 2023," Bloomberg Intelligence senior macro strategist Mike McGlone said Thursday.
The precious metal could be ready to resume its rally soon, but the critical catalyst needed to trigger that is a recession.
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