Concerns over inflation, rising geopolitical tensions and unprecedented buying from central banks have all played a part in propelling gold to record highs in recent months. Spot gold topped $2,740 per oz. on Tuesday, Trading Economics data show. It’s gained about 36% in the past year.
Although newly installed US President Donald Trump has vowed to tackle the federal government deficit, having appointed Tesla CEO Elon Musk to engineer massive spending cuts, Giustra is skeptical.
Treasury Department data show the US federal deficit hit $710.9 billion for the quarter ended Dec. 31 — a 39% jump from the year-earlier period.
“The fiscal situation in the US is beyond repair,” said Giustra, an inductee this month into the Canadian Mining Hall of Fame. Under the Trump administration, “it’s my estimation that the fiscal deficits will continue to go up exponentially,” he said. “I think it’s completely out…
