Markets priced in the Federal Reserve’s 50 basis point rate cut last week. Many economists expected the Fed to take a less aggressive approach. But according to one fund manager, the Fed’s new easing cycle sent a strong message to investors. The famous fund manager says all roads lead to gold prices.
Ryan McIntyre: Perfect Setting for Gold!
Sprott Inc. Managing Partner Ryan McIntyre says that Fed Chairman Jerome Powell is striking a difficult balance between supporting US economic activity and managing rising asset prices. According to Kriptokoin.com, the Fed cut interest rates above market expectations. However, Powell signaled that they are not in a hurry to lower interest rates. McIntyre emphasizes that investors should focus on the Fed’s actions rather than Powell’s statements. “With a 50 basis point cut, it is clear that the Fed does not want to fall behind the curve,” he says.
McIntyre points out that there are bigger issues beyond the Fed’s monetary policy. The governor says the central bank will continue its efforts to support the economy despite persistently high inflation. McIntyre says the following about gold:
“The US government debt remains the biggest existential threat to the economy. The last thing the Fed wants is a recession, because that would increase the deficit. The Fed is clearly biased downward, which makes it perfect for gold. Gold remains the simplest asset you can own to protect your wealth.”
While the Fed has taken a significant step to support economic activity, McIntyre believes it is only a matter of time before investors turn to gold to diversify their portfolios. McIntyre expects the economy to deteriorate further despite the Fed’s new easing cycle, and says it will take time to feel the effects of this new process. He also emphasizes that even with this 50 basis point move, interest rates are still significantly restrictive. At this point, McIntyre makes the following assessment for gold:
“There are overvaluations in many asset categories and gold is a logical alternative. Despite the rate cut, the economy has not yet recovered. I guarantee there will be some events that we are not talking about today. Gold will definitely exceed $3,000!”
McIntyre reiterated that government debt remains a major threat to the global economy, saying, “If you look at financial markets at the government level, gold stands out as the only alternative because of the high levels of debt around the world. Because it is the only asset that is accepted as a global currency.” McIntyre noted that the government is expected to spend more than $1 trillion to pay off its debt, and that the US is therefore in a dangerous position. The manager stated that the threat to the economy has emerged because the ratio of service payments to GDP has exceeded growth estimates.
According to the Fed’s latest economic projections, U.S. GDP is expected to grow by 2% over the next three years. The Congressional Budget Office estimates that payments for services will rise to 3.1% of GDP this year. McIntyre draws the following conclusions from this data:
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