Gold is headed to a new high, and Jeffrey Christian of CPM Group doesn’t think it needs a catastrophe to get there.
“There are a whole lot of issues that are lined up against the value of wealth right now. Looking into 2024, 2025 we see a lot of really good substantive real reasons to have some of your assets in gold,” he explained at the Rule Symposium.
“Not because gold’s going to US$10,000 (per ounce) — it’s because gold is going to average more than US$1,900 this year on a record annual basis, and it may well in our projections average more than US$2,000 next year, which will be a further big increase to another record high,” Christian continued. “So we see gold prices rising to record highs, but we’re not on drugs. We’re not on steroids. We have a realistic view of the world; we have a measured view of the world.”
The FedNow payment system and upcoming BRICS meeting were hot-button topics at the conference, and Christian shared his views on both. Starting with FedNow, he said that unlike some of his peers he doesn’t see it as a cause for concern.
“The way money is transferred and used continues to change over time with technologies. FedNow is just the next step in that,” he said. “Central bank digital currencies (CBDCs) are the next step after that, and they will come — and they will as shocking and disruptive as checking accounts were 100 years ago … the reality is that CBDCs are nothing to be afraid of.”
In terms of the BRICS meeting, which is set to run from August 22 to 24, Christian said he doesn’t see much traction in rumors that the BRICS nations will announce a new currency; he also doesn’t think such a currency will be backed by gold.
“The lack of information out there is extremely important in understanding what you’re looking at — there’s a lack of information because there’s a lack of development,” he explained, noting that Russia is the only country talking about a BRICS currency. “The idea of a central currency makes no sense. None of the countries really want to tie their currencies with Russia.”
Watch the interview above for more of Christian’s thoughts on gold, FedNow and the BRICS, as well as a new tech development that could disrupt demand for rare earth magnets. You can also click here for our Rule Symposium playlist.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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