Goldman Sachs is a big believer in gold for the year ahead, and one of the big reasons is the advent of an increasingly popular economic approach that encourages government deficit spending.
"In the next recession, our US economists do not expect governments to adopt direct monetary financing and expect inflation to remain firmly anchored," Mikhail Sprogis, precious metals analyst at Goldman, said in a research note. "But this doesn't necessarily prevent an increase in debasement concerns if conversations around MMT become more widespread — a potential boost to demand for gold as a debasement hedge.
The commodity's best times often come during times of uncertainty, as a safe haven, as well as a store of wealth to hedge against inflation.Sprogis pointed out that even the threat that MMT could find more friendly quarters in the halls of Congress and even the White House could cause a run to gold. Presidential candidate Sen. Bernie Sanders is a MMT acolyte as are multiple other high-profile progressives including Rep. Alexandria Ocasio-Cortez of New York.
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