Gold to shine as Fed slow walks inflation fight: Klein

Michael BennetWA reporter

Updated Feb 16, 2022 – 4.08pm, first published at 10.05am

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Evolution Mining executive chairman Jake Klein has backed gold as an inflation hedge and safe haven to hold strong, arguing the US Federal Reserve will be wary of aggressively hiking rates and risking a recession.

Posting weaker first-half net profits, Mr Klein on Wednesday said strong prices for gold and copper were offsetting the miner’s rising costs, and it was “encouraging” investors were turning to gold for its “traditional store of value role” amid geopolitical tensions and inflation at 40-year highs in the US.

Michael Bennet is WA reporter for The Australian Financial Review based in Perth. He has worked as a journalist for more than a decade, including at The Australian where he was senior banking reporter and also covered economics, markets and deals.