Questions whether gold's rally is over and if it has become speculative rather than a store of wealth.
Host
Ed Yardeni
Gold is both a store of wealth and speculative asset, consolidating around $5,000/oz.
Ed Yardeni
Maintains targets: $6,000/oz gold by year end and $10,000/oz by decade end.
Asks if gold still serves as a market hedge.
Host
Ed Yardeni
Admits not a gold expert but saw geopolitical catalyst when gold broke above $2,000.
Ed Yardeni
Gold inversely correlated with S&P 500 short-term (good diversifier), but shares long-term trend.
Ed Yardeni
Few good diversifiers available now; bonds ineffective due to inflation-driven yields.
Ed Yardeni
Maintains S&P 500 target of 7,700 by year end and 10,000 by decade end; not abandoning 'roaring 2020s' scenario.