‘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

Kitco09-22 20:11

(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...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2669122277?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-09-22 20:11","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2669122277","market":"fut","top_or_hot":-1,"title":"‘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","media":"Kitco","content":"<div>\n<p>(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...</p>\n\n<a href=\"https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play\">Source Link</a>\n\n</div>\n","source":"kitco_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘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</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n‘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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-22 20:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play><strong>Kitco</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(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...</p>\n\n<a href=\"https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play","article_id":"2669122277","we_media_id":null,"thumbnails":[],"rights":{"source":"kitco_highlight","url":"https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2669122277","pubTimestamp":1790079060,"columns":[],"sourceInfo":{"source_id":"kitco_highlight","name":"Kitco"},"weMediaInfo":null,"summary":"(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 ","collect":0,"end_time":0,"defaultTopTitle":"kitco.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"富达计时器：“黄金价值约 5000 美元”，因为这种黄色金属 “已经从纯粹的实际汇率游戏变成了纯粹的流动性游戏”","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/cc34fa9684f29adaa2fa2b83e08761b0","symbols_score_info":{"PHYS":0.9,"BGLD":0.6,"DBC":0.9,"DGP":0.9,"GBUG":0.9,"1OZmain":0.9,"GLDM":0.9,"RING":0.9,"IAUM":0.9,"PPI":0.9,"BAR":0.9,"SGOL":0.9,"YGLD":0.6,"GLDY":0.6,"USG":0.9,"UYM":0.9,"GDXW":0.6,"GDXJ":0.9,"PICK":0.9,"GLD":0.6,"GLL":0.9,"GLTR":0.9,"UGL":0.9,"JNUG":0.9,"XME":0.9,"KGLD":0.6,"GDXD":0.9,"AAAU":0.9,"DUST":0.9,"NUGT":0.6,"BEGS":0.9,"FGDL":0.9,"GDXU":0.9,"GOLY":0.9,"SHNY":0.9,"IAUI":0.9,"GDX":0.9,"02840":0.9,"GDXY":0.9,"OUNZ":0.9,"JDST":0.9,"DZZ":0.9,"GOAU":0.9,"BTGD":0.9,"IGLD":0.6,"DULL":0.9,"SGDM":0.9,"DGZ":0.6,"IAU":0.9,"CEF":0.9},"content_text":"(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.”Timmer shared a chart which he said “illustrates how gold has gone from a pure play on real rates to a pure play on liquidity,” with his model showing gold already worth $5,000 per ounce.He shared another chart showing the shift from a real rates-driven regime to a liquidity-driven one in 2022.Earlier in September, Timmer spelled out his reasoning for this liquidity-based valuation of gold.“It’s telling that the Treasury’s actions last week to buy back more long-dated paper and issue more Bills took down the dollar and caused both gold and Bitcoin to soar,” he wrote. “The market senses a slippery slope towards fiscal dominance and a possible loss in Fed independence. The assumption here is that for the Treasury to be successful in keeping yields down, it will need to significantly increase the size of the buybacks. That might require the Fed to become complicit in this operation twist, which takes us down the debasement path.”“Loose fiscal policy combined with loose monetary policy is a clear negative for the dollar (which is sitting on a long term trendline), and a clear positive for gold (and by extension Bitcoin).”See live precious metals prices for gold, silver, platinum and palladium — in USD, CAD and 12 more currencies.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2669122277","isCrawlerRequest":true}