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New GDP figures create an opportunity to buy right now

The US economy performed much better than had been expected in the fourth quarter of 2021, opening a window to buy gold now. The official data from the US Department of Commerce’s Bureau of Economic Analysis showed a sharp uptick in performance, with an incredibly strong end to a year that had been dogged by rising inflation and COVID-related disruption.

Released yesterday (Thursday) the data shows a 6.9% rate of growth, which was a strong acceleration on the previous quarter’s 2.3% increase. The Bureau of Economic Analysis attributes the leap to improved consumer spending and a growth in the number of exports leaving from US ports. It said, “Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021, following an increase of 2.3 percent in the third quarter. The acceleration in the fourth quarter was led by an upturn in exports as well as accelerations in inventory investment and consumer spending.

“In the fourth quarter, COVID-19 cases resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off.”

As a result of this better-than-expected performance, a window for buying gold has opened, with the precious metal trading -1.97% down as of late afternoon on Thursday to £1,339 ($1,793). You will need to move quickly however to benefit, as some experts are increasingly concerned that a recession could be on the way, following comments made by the Federal Reserve on Wednesday.

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