RE:GOLD PRICE $2014.5Gold is interesting for sure. I'm no economist but the metal seems undervalued to me given the pressure, risk and tension on global financial markets. North America is getting squeezed by interest rates and it's beginning to manifest itself in automotive lease renewals and mortgage defaults. There's a current crisis in Toronto around people who "bought" condos on spec and would sell them before assuming them. Those condos are being abandoned by folks that can't afford to cash flow the debt and they are being left in the hands of builders.
When I was in Toronto for the AGM I was with the LME team in the morning and we were looking East from the Scotia Plaza Tower we were in. 6 months prior you could barely see the city for the cranes. At the AGM I was able to count 3 cranes and only 1 of them was moving by Noon that day.
The economic slowdown is real, trade war is real, COVID is still a thing, Gold backed currency is real, cost of borrowing is crippling, default risk is real, war is real..... adds up to an environment that could be very positive for gold.
-Steve