While gold prices recovered slightly, investors were worried last week when an expert said that they expected a “hurricane” in the markets. Meanwhile, analyst Şevket Apuhan announced that he had an expectation of 1,100 lira in gram gold price. Here are the details…
JPMorgan Chase CEO warned: Hurricane is coming
While the US Federal Reserve (FED) announced that it will continue to increase interest rates, a harsh warning came to the markets. As we reported on Cryptokoin.com , JPMorgan Chase CEO predicts an economic “hurricane” caused by the war in Ukraine, increasing inflation pressures and the Fed’s interest rate hikes. “It’s a little sunny right now, things are going well,” Dimon said at the Bernstein conference. “Everybody thinks the Fed can handle it,” he said. “This hurricane is right over there, heading towards us,” he says.
Dimon added that JPMorgan Chase (JPM) is preparing for “an unbelievable environment” and “bad consequences”, adding that “Just a small storm” We don’t know if it’s Sandy Superstorm or not. You better prepare yourself,” he said. Dimon said the economy has been “distorted” by inflation. He is also concerned that the Fed is starting to loosen its bond portfolio, a process known as quantitative tightening, while raising interest rates. Saying that the market was not ready for this, Dimon added that people “will write history books about this for 50 years.”
Meanwhile, nonfarm payrolls data in the US came in better than expected. Unemployment rates, on the other hand, remained at the pre-pandemic level. Meanwhile, the Cleveland Fed Chairman stated that inflation has not yet reached record levels, and that downward data should continue for several months.
1.100 lira target for gram gold
Meanwhile, analyst Şevket Apuhan conveyed his predictions for gold. He states that the search for a safe harbor has gained great importance, especially due to the increasing uncertainty in recent days and the lack of positive international developments. In this case, Apuhan states that the gold trend is the most, and that as a result of this trend, gold has broken record after record. Pointing out that no relaxing development is foreseen for the market in the short term, the expert points out that geopolitical risks also trigger panic.
He also states that banks’ focus on increasing interest rates as a result of rising inflation in the world directly affects ounces of gold. Stating that the uncertainties brought by the interest rate hike and the negative atmosphere in general provide strength to the precious metal, Apuhan says that for now, there is no development that suggests that gold will lose value in the near term. Therefore, he states that it will not be a surprise to see gram gold above the level of 1,100 liras this year. Gram gold closed the week at levels close to 980 lira.
