Here’s why Gold at $3,000 and Silver at $50 is a real possibility in 2024 [Video]
|It's official: Google searches for the phrase “How To Trade Gold” are now back at the highest level seen in over a decade!
This comes as no surprise, considering the current macroeconomic backdrop is fuelling a “perfect storm” for Gold – firmly positioning the precious metal as one of the best performing asset classes of 2024.
Gold’s meteoric rise to glistening new heights has continued to go from strength to strength this year, significantly bolstering its iconic status as the 'must-have' asset class in every portfolio.
To quote analysts at GSC Commodity Intelligence – “yet another day and yet another all-time record high for Gold prices. That’s one of the most lucrative trends of the current Commodities Supercycle, that we find ourselves in right now”.
On Friday, Gold prices skyrocketing to a new all-time record high of $2,400 an ounce, surpassing the precious metals previous all-time high of $2,376 an ounce that had been set only a day earlier.
Gold has been on an unstoppable run since October last year, surging from near the $1,800 level to score back-to-back all-time record highs – not once, not twice, but on endless occasions.
The precious metal is up over 21% since mid-February. But more impressively, Gold prices have now chalked up a whopping gain of more than 33% since October.
Meanwhile, Silver prices have moved within striking distance of $30 an ounce for the first time in 2024 – climbing over 42% since mid-February, when prices were trading sub $21 an ounce.
And this could just the beginning!
According to GSC Commodity Intelligence – what we're seeing is nothing short of extraordinary. It’s only a matter of days if not hours before prices scale another record high.
In a new survey conducted by GSC Commodity Intelligence of roughly 250 financial institutions – the survey found that growing concerns over ballooning global debt and uncontrollable government borrowing, which currently sits at record $307.4 trillion – is emerging as one of the primary catalysts fuelling central banks around the world to build up their Gold reserves at a record pace to diversify away from the U.S dollar.
A similar trend is also emerging at the retail level.
The wholesale retailer Costco has been selling 24K Gold bars since September and they are selling out within minutes! The retail giant also recently added Silver to it’s precious metals inventory.
And guess what? Both are flying off the shelves faster than the store can replenish stock. The retailer currently sells up to $200 million worth of Gold and Silver each month. Those figures are projected to increase by 50% in the next 12 months.
All of this tells us one thing: demand for Gold and Silver shows no sign of slowing down anytime soon – which ultimately suggests that prices are only heading in one direction from here.
And that's higher, a lot higher!
That’s exciting news for the precious metal bulls, but painful for anyone sitting on the sidelines, who must now decide how much FOMO they can handle.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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