Gold futures on the COMEX soared overnight, trading as high as $1,782.50 – a new all-time high. Despite the record-setting run in gold prices, numerous prominent investment strategists see the yellow metal’s ascent far from over.
David Rosenberg, chief economist at Gluskin Sheff, in a note to clients:
“Gold is also rallying hard as it becomes oh-so-painfully evident, now with the ECB joining the fray, that debt monetization by the monetary authorities globally is going to be part and parcel of the solution to this leg of the crisis. Expect gold to go much, much higher as well — just to get back to prior highs in inflation-adjusted terms would mean a test of $2,300; and normalizing by world money supply points to $3,000 an ounce.”
S&P 500 stock futures traded in a wide range overnight, dipping as low as 1,076.10, off 35.20, before bouncing back furiously into positive territory. As of 6:35am eastern time, the benchmark equity futures index climbed 4.30 to 1115.60.
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