The annual Jackson Hole Symposium, a gathering of central bankers, economists, and financial institutions, will see its first ever virtual conference this week, and will likely set the tone for further U.S. dollar depreciation, said Gary Wagner, editor of TheGoldForecast.com.
“When you’ve got all of the major central banks getting together, they recognize the need for a long-term plan rather than what’s the economy going to look like next year, they’re actually looking out at the next decade. What that tells me is that they know that the crisis we’re in is not going to be resolved overnight and so that’s what’s so critically important,” Wagner told Kitco News. “I believe that it could have a detrimental effect on the U.S. dollar. If it does, we will see gold take off and that will indicate the bottom of this recent [gold price] correction.”