Bloomberg Surveillance Trump’s Pursuit of Powell Threatens to Muddle Fed Tea Leaves
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Jan 16, 2026 Stephen Parker, Co-Head of Global Investment Strategy at J.P. Morgan, discusses AI's impact on investor strategies and his bullish outlook on gold amidst inflation. Alexis Crowe, Chief Economist at PwC, highlights the need for Europe to address its pensions gap and improve investment strategies while contrasting fiscal shifts in France and Germany. Ibrahim Abari, former Citigroup economist, analyzes the dollar's resilience fueled by U.S. economic strength and warns about potential shifts in monetary policy if inflation resurfaces.
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Central Banks Driving Gold Rally
- Gold demand is rising as central banks diversify reserves and seek geopolitical diversification.
- JP Morgan targets $5,200 per ounce by year-end driven by reserve diversification and dollar weakness.
Fragmentation Boosts Safe-Haven Demand
- Greater geopolitical fragmentation increases demand for safe-haven assets like gold.
- Dollar weakness last year reinforced central-bank appetite for non-dollar reserves.
Prefer Physical Gold Over Miners
- Prefer owning the metal itself via physical gold or ETFs that track physical bullion.
- Avoid conflating commodity exposure with gold-miner equities if you want pure diversification.