Meanwhile, Sprott Inc. CEO Peter Grosskopf recently told Kitco News that the growing state debt and central banks’ increasing account balances will lead to more inflationary pressure. In turn, it will weaken the dollar and provide support to gold.
Right now gold is standing firmly on its feet, and most indicators are favorable. No tax hike can solve the problem of government debt. According to the expert, most of the increase in commodity prices will be felt by the consumers because of the growing prices of everyday goods. It’s unlikely that inflation in the US will remain at the 2.5% target as the Fed wishes it to.
Grosskopf believes that more and more investors will turn to gold. We are still at the beginning of the gold rally, and investors will increasingly view the yellow metal as a reserve currency that can prevent their savings from eroding.
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