Will Gold prices hit another all-time high in 2024? [Video]
|There is no denying that the current macroeconomic backdrop is fuelling a “perfect storm” for Commodities positioning the entire sector on track for another blockbuster year ahead!
2023 was the third consecutive year that saw a total of 27 commodities ranging from the Metals, Energies to Agriculture racking up astronomical gains – outperforming every other asset class out there.
Once again, that bullish momentum has spilled over into 2024 – sending a long-list of Commodities on a red-hot run – with many already notching up impressive double digit gains within the first month of this year.
However, there is one particular Commodity that has been making headlines recently and attracting a lot of attention from traders who want a slice of the upside potential.
And that’s Sugar.
Currently, Sugar prices are trading at a decade high and have more than tripled from their 2020 low – tallying up a spectacular gain of over 450% within that time.
Last month, Sugar prices soared to their highest level since 2011 of 28.14 cents per pound. At around the same time, Gold prices skyrocketing to an all-time record high of $2,152 an ounce.
If you were to superimpose these two charts together, you will see a positive correlation. In fact, they are almost identical. These two Commodities could not be more different from each other, but yet they move in tandem.
If you want to know where Gold prices are heading next, then you should pay close attention to Sugar prices.
This sweet Commodity hardly gets any mainstream attention – and that's intentional because the world’s most powerful Wall Street institutions do not want retail traders to know about this well-kept insider's secret.
While there may not be an obvious explanation for why these two particular Commodities move in tandem – it turns out Sugar has an especially close fit with Gold.
According to data compiled by GSC Commodity Intelligence – the correlation spans over 30 years and on average – Sugar prices tend to lead Gold prices by about 45 days.
If Sugar is a leading barometer for predicting the performance of Gold prices, then this ultimately means one thing.
Gold prices are going a lot higher from here and it’s only a matter of time before the precious metal breaks another all-time record highs. The big question now is how high will Gold prices go?
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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