‘Gold is worth around $5k’ as the yellow metal ‘has gone from a pure play on real rates to a pure play on liquidity’ – Fidelity’s Timmer

(Kitco News) – Gold’s fair value has already reached $5,000 per ounce as the yellow metal has transitioned from a rate-based to a liquidity-based trade, according to Jurrien Timmer, Director of Global Macro at Fidelity Investments.“[Gold] gained ground last week as the global liquidity profile has started to recover,” Timmer wrote in a LinkedIn analysis on Monday. “Based on my Gold & Liquidity regression between global M2 and gold, gold is worth around $5k.”