Alasdair MacLeod says demand in 2018 for gold could overwhelm America’s attempts to suppress the price of gold.
The White House’s isolationist economic policy coupled with Chinese rejecting the U.S. Dollar in trade will push the Dollar’s value down and gold’s price up. China will soon role out a yuan denominated oil futures contract. MacLeod says this new contract could be used together with Dubai’s gold contract. In this way, countries could convert their oil sales into gold. This increase demand for physical gold could overwhelm America’s and London’s attempts to suppress the price.
And contrary to conventional wisdom, interest rate hikes do not push gold prices down, MacLeod says. The Fed’s rate hikes next year will be bullish, not bearish for gold.
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