Monday, May 20, 2024

Looking to invest in gold? According to Mike McGlone, a senior macro strategist at Bloomberg Intelligence, the top catalyst for gold’s continued rise above $2,000 is a possible recession. According to his analysis, a sharp drop in the stock market could prompt the Federal Reserve to “pivot its stance” and begin to inject more money into the economy in an effort to stave off a recession. According to McGlone, this could lead to increased demand for gold, as investors seek to protect their wealth amid uncertainty.

Currency values slump as market sees little future in cryptocurrencies

“The global cryptocurrency market capitalization is $1.08 trillion, a decrease of around 1.57% over the last day,” Mike McGlone, a senior macro strategist at Bloomberg Intelligence shared in a recent report. “However, many of the largest cryptocurrencies are still up over 100%. The attractiveness of these assets likely reflects speculation and not fundamentals at this point, given that there is little expectation that institutional investors will start to invest in them any time soon,” he added.

According to McGlone, the chances of a recession look likely according to his data. If the U.S. economy slides into a recession, he believes that gold has a good chance of reaching $2,000 per unit.

Given that cryptocurrency values are rapidly depreciating, and many people see them as less of a stable investment, it is no surprise that gold is on the rise. In this economy, it is often the “safe” investments that perform the best. And, with the prediction of a recession in the near future, gold could be the ultimate winner in this turbulent market.

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