Gold nears $4,660 as PCE, Jackson Hole frame Fed trade - Kitco AM Report - KITCO

Gold nears $4,660 as PCE, Jackson Hole frame Fed trade - Kitco AM Report - KITCO

Source: KITCO

DW NOTE

Gold at $4,690 is 11.8% below its January high of $5,318 — not a breakout, a rebound. The Strait of Hormuz has been effectively closed for 132 days, oil supply is down 4.3 million barrels per day, and crude is still 24.8% off its high. Markets are pricing monetary accommodation, not supply shock.

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