Giant Gold Claimant: Anyone With Gold Do It!

Gold and Money Markets Specialist İslam Memiş talked about the latest data affecting the markets and his expectations. Memiş came to the forefront by assuming that at the end of 2021, the sharp rise of gold and the dollar would fall after. Here are the details…

Gold and Money Markets Expert shared his latest comments

Koindeks.com As we have also reported, Islam Memiş, who predicted that the dollar and gold, which experienced a sharp rise in the last weeks of 2021, will experience a decline, has been coming to the fore with its analyzes since then. The expert’s latest statements include gold investors. Islam Memiş also talked about inflation data in the USA. The dollar conveyed its intentions on what gold and crypto investors should do.

As it is known, the US inflation data came out above expectations. Consumer prices (CPI) data for September in the US pointed to the presence of inflation. According to Islam Memiş, this showed that inflation was “permanent”. The analyst also mentioned that core inflation has reached its highest level in 40 years. Memiş pointed out that the inflation data, which came out above the expectations, affected the estimations of the US Federal Reserve’s (FED) interest rate hike. Now the market believes that the FED will increase by 75 basis points in November. The expert name says that the markets are pricing this situation.

Advantage in the medium and long term

In addition, the increase in the US Dollar Index (DXY) from 112.53 to 113.83 did not go unnoticed. DXY shows the position of the US dollar against other fiat currencies. According to the expert, the rise of the dollar suppressed crypto and commodity prices, as well as other currencies. He believes that assets under pressure against the dollar will remain at lower levels for a while.

Islam Memiş says that these assets, which have lost value against the dollar, offer advantages in the medium and long term. According to the expert, while the dollar is rising, gold is also falling. Meanwhile, “all central banks are increasing their gold stocks”. İslam Memiş pointed out that the Central Bank of the Republic of Turkey (CBRT) added 10 tons more to its gold stock. In general, it indicates that there is currently a suitable market to buy at cheap levels. “Cryptocurrency and commodity investors should prefer to wait and watch in the face of pressure,” he adds.

What is the latest situation in the market?

The year 2022 has been turbulent, with interest rate hikes, geopolitical unrest, rising inflation, weakening currencies and much more. Gold fell below the key $1,650 ounce on Thursday. But the gold selling started again on Friday as the Dollar Index rose for the seventh time in eight days. The index, which appreciates the dollar against the euro, yen, sterling, Canadian dollar, Swedish krona and Swiss franc, reached session highs at 113.30.

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