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Gold’s Rally Driven by More Than Just Rate Cuts
The prospect of interest rate cuts and subsequently, a declining dollar, may be helping fuel gold’s rally. However, it’s not the only factor propelling gold to new highs this year. In a Kitco News report, commodity investor Dennis Gartman could see gold pushing past the $3,000 price level in the next two years. According to Gartman, the current macroeconomic environment is akin to the 1970s, when gold’s rally was fueled by the Federal Reserve’s rate hikes to tamp down inflation. “Gold goes a lot farther from here. I look for gold to hit $3,000 an ounce in the next couple of years,” he said. “I think the ... (full story)