Gold Approaches $700
Gold closed at $695.80 today according to Bloomberg. Peter Grandich, editor of the Grandich Letter, wrote (subscription required):
A near perfect storm has aligned both technically and fundamentally for gold. A test of the 2006 highs around $735 is not a question of if, but when.
A 6 month chart of gold shows the nice run it has had lately.
In a note today, Michael Pento, Senior Market Strategist at Delta Global Advisors, explains why gold is a much better inflation hedge than Treasury Inflation Protected Securities (TIPS). TIPS returns are based on the consumer price index (CPI) which woefully understates inflation: “Adding such a CPI figure to the anemic nominal TIPS yield will never allow investors to get ahead in real terms”, he wrote.
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