Gold may have more than another $100 to rise, said Frank Holmes, CEO of U.S. Global Investors.
“Rates can rise,” Holmes told Kitco News on the sidelines of the Vancouver Resource Investment Conference, “I really think that the CPI numbers are understated because of the factors they use for their model.”
Holmes said that using the model for CPI used in the 1990s and applying today’s macroeconomic variables into that older equation, U.S. inflation should be 8%.
“That means that government yields are very, very negative,” Holmes added.
Speaking on cryptocurrencies, Holmes said that bitcoin did not hurt gold.
“I do not believe that,” Holmes said, “that’s just a weak argument for people that have a conspiracy.”
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