Rabo: Stagflation Fears and Gold

“Gold has consolidated above the $2300/oz level, which could be the new support for another run higher”

The S Word

By Benjamin Picton, senior strategist at Rabobank

Last week the data caught up with the public mood. Annualized US GDP for Q1 was +1.6%, well below the 2.5% consensus estimate and even below the most pessimistic estimate of +1.7% in the Bloomberg survey. Meanwhile, core PCE printed at 3.7%. Well up on the Q4 print of 2% and substantially above …