That has even exceeded the expectations of many pessimistic economists: The inflation rate in the United States reached 6.2 percent in October - the highest rate of inflation since 1990. It is not just energy prices that drive inflation, meanwhile rents, for example, are also rising.

No wonder that the gold price soared temporarily by 2.5 percent on Wednesday;

Gold also tended to become more expensive on Thursday and at times cost $ 1,865 a troy ounce (31.1 grams).

Other investors turned to cryptocurrencies: Bitcoin reached a new record high of $ 69,000 on Wednesday, Ethereum of $ 4,867, before falling again the next day.

The exchange rate of the euro fell on Thursday to its lowest level since mid-2020: One euro cost 1.1468 dollars at times.

Christian Siedenbiedel

Editor in business.

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What does that mean for investors?

Do you have to adjust your portfolio to a world with more inflation?

Or has at least reached the peak of development in America?

Jörg Krämer, Commerzbank's chief economist, does not believe that the American inflation rate will now stand at 6.2 percent or that it has already peaked.

As in the euro zone and in Germany, a further increase in the inflation rate is to be expected in the United States this year.

6.5 percent inflation in November?

"American inflation should continue to rise in November, a rate of 6.5 percent is realistic," says Krämer. In the United States, not only did the prices of individual goods rise, which were particularly affected by the consequences of the corona pandemic and the reopening of the economy. Rather, prices rose across the board. This also applies to rents, which make up a third of the consumer price index. The fact that prices in the United States rose so sharply is also due to the fact that the weekly unemployment benefit has meanwhile been increased by 600 dollars: "The sharp rise in incomes meets a corona-related limited supply of goods and services, which naturally increases prices."American inflation is likely to fall again in spring when Corona subsides, but settle at a level that is higher than before the pandemic, says Krämer:" After that, the rate of inflation should drift upwards again - after all, the labor market will be narrower, what was evident in the labor cost index, which has recently risen sharply. "

Moritz Bauer, investment expert from the fund company Union Investment, is also convinced: "Inflation in America should recede significantly from the currently very high rates next year." run out in the years leading up to the pandemic. But even with inflation rates of three to four percent, stocks historically have performed more than eighty percent of the time that has outperformed inflation.

“This means that stocks offer good protection against inflation,” says Bauer.

The same applies to raw materials.

"On the basis of our positive economic and inflation expectations, we continue to favor equities and commodities over bonds," says the investment expert.

However, investors should no longer expect the price fireworks on the stock exchanges to continue: "Rather, we are assuming smaller differences in performance with slight advantages for stocks and raw materials."

Between inflation and a rate hike

The price of gold is driven by two opposing factors, with the effect of high inflation being ambivalent. On the one hand, investors like to use gold to protect against inflation when inflation is high. "Even ETF investors did not shut themselves off to the trend on Wednesday and at least tentatively built up stocks," writes gold analyst Daniel Briesemann from Commerzbank. Alexander Zumpfe, gold specialist from the precious metals company Heraeus in Hanau, therefore believes that prices will rise to as much as 1900 dollars per troy ounce in the foreseeable future.

On the other hand, high inflation can feed expectations that the US Federal Reserve (Fed) will intervene soon and possibly expire bond purchases and raise interest rates faster than expected. But higher interest rates tend to be bad for interest-free gold. In addition, a widening interest rate differential between the United States and the euro zone tends to keep the dollar exchange rate stronger - which in turn makes gold more expensive outside the euro zone and tends to reduce demand.

"The rise in gold prices as a reaction to high inflation in America will prove to be a flash in the pan," says Frank Schallenberger, commodities specialist at Landesbank Baden-Württemberg.

"Just as the high inflation rates are driving the gold price up, they are also driving US bond yields and the dollar up." With a 30-year high in inflation, the pressure on the US Federal Reserve to turn the interest rate screw is increasing .

In any case, American yields and the dollar would have reacted on Wednesday like gold with an increase, says the analyst: "Fears of interest rate hikes and the strength of the dollar are likely to paralyze the gold market again."