For the past year or so, MB has been positive on gold as the business cycle heads into turbulence on the Fed tightening cycle:
That means that at some point when the Fed goes too far it will be forced to retreat into QE4, the dollar will come under renewed pressure and gold soar.
While the US dollar rises in advance of that, gold is going to come under periodic pressure and there is a strong risk that gold will fall into the next global shock owing to short term US dollar strength like it did in 2008 depending upon how long the Fed takes to print again.
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