Image Source: Unsplash

On the latest Money Metals podcast, host Mike Maharrey welcomed Michael Pento, founder of Pento Portfolio Strategies, for an in-depth look at the gold market and broader financial trends.

Michael Pento believes gold is in a clear consolidation phase after hitting a record $3,500 per ounce in mid-April.

“The rally was driven by two main factors,” he explained — tariffs weakening global trade and a decline in the U.S. dollar.

“When you cut off global trade, you're going to really hurt growth,” Pento noted, adding that this dynamic pushed investors away from stocks and bonds into gold.

Now, with the trade war on pause, Pento expects marginal trade deals rather than significant structural change.

“We were very long gold heading into the meat of the tariffs, and then we sold it off,” he said, noting his firm still maintains a 5% allocation to physical gold.

Running Length: 00:40:14

More By This Author:

Gold ETF Momentum Eased In May With Modest Outflows
Gold: A Place To Hide
Are We Running Out Of Gold?