Fidelity's Global Macro Director: Gold's Fair Value Reaches $5,000 per Ounce
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Fidelity Investment's global macro director, Jurrien Timmer, stated that gold's fair value has reached $5,000 per ounce, as the metal's trading dynamics shift from being based on interest rates to being based on liquidity. Timmer, who made a similar forecast in early September, expects that market assumptions about the U.S. Treasury significantly increasing its repo operations to lower yields, requiring Federal Reserve participation, will strengthen the currency debasement trade. He argues that this environment is favorable for gold, supporting his $5,000 fair value estimate.
Source report
September 23 — Jurrien Timmer, Global Macro Director at Fidelity Investments, stated that gold's fair value has reached $5,000 per ounce, as the metal's trading dynamics shift from being interest rate-driven to liquidity-driven.
In early September, Timmer had anticipated that market assumptions—namely that the U.S. Treasury would continue to significantly expand its buyback programs to压低 yields, requiring Federal Reserve involvement—would reinforce currency debasement trades. According to Timmer, this environment is favorable for gold.
Source
财联社Neutral / independent