Despite gold’s recent lackluster performance the price can easily go higher if the Federal Reserve cuts interest rates by 50 basis points at its next meeting, according to Chantelle Schieven, head of research for Murenbeeld & Co.
On the sidelines of the Prospectors and Developers Association of Canada (PDAC) 2020 conference, Schieven said that she is more bullish on gold than she has been in a long time as central banks look to ease interest rates to boost consumer sentiment, weakened by the spreading coronavirus.
“Once we see the policy action to the latest crisis we will see gold have another leg up,” she told Kitco News. “The Fed, ever since 2008, has been very sensitive to market reaction. When they do meet in the middle of March and markets are still pricing in a 50 basis-point cut then I do believe that we will get it.”
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