As the price of gold continues to soar, prominent economists Mohamed A. El-Erian and Peter Schiff are emphasizing the ongoing strength of the gold market. El-Erian highlights the significant expansion of the commodity rally, while Schiff underscores the importance of holding onto gold and silver assets amid a promising market outlook.
What Happened: El-Erian, the chief economic advisor at Allianz, took to X to share his thoughts on the recent surge in gold prices. He pointed out that the price of gold has hit over 20 new highs this year, with the latest highs being accompanied by a significant expansion of the commodity rally. El-Erian also noted that the drivers behind these highs now include a wider range of demand and supply factors.
“This month's new highs in the price of #gold is not unusual,” El-Erian wrote.
This month's new highs in the price of #gold is not unusual. We have had over twenty new highs so far this year.What I find more notable:(i) Recent highs have been accompanied by a significant broadening of the commodity rally; and (ii) Drivers now encompass a wider set of… pic.twitter.com/TnynVeWSnQ
— Mohamed A. El-Erian (@elerianm) ...Full story available on Benzinga.com
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