$2,200 Gold and More to Come in 2024
All-time highs for Gold are always going to be exciting, but some say this is just a good start. We just saw gold cross for $2200, so it’s a big deal. The rally started in December. Just don’t panic. You can cite other assets that have been clipped from more curves downhill, but for a stable asset like Gold, this has been a nice clip. If you’re not a fan, you should stop and think about what’s happening.
$2,200 Gold and More to Come in 2024
Gold was $1,270 5 years ago, so that’s a 73% gain. Risk assets like Bitcoin and Nvidia Eli Lily shares have been on a tear, but Gold is not a risky asset. It’s something you put your money in. Be safe with growth Slow, but it’s hard to see it that way before we return to it if you’re looking for precious metals. New SD clients might be hitting Gold and Silver for that, which is the sdbullion.com scene, so we’ll always hear about some speculative assets outperforming Gold; this part is entirely unrelated to the topic.
Five record levels for Gold
Another exciting piece that people will put in this category to start with, but if we call what Gold has been up to this month, we’ll hear, “We’re looking at five record highs this month alone. Yesterday it hit 2212 or 2225 if you’re looking at futures.”, so if you’re not at least a little impressed with this well, your expectations are probably now way off from what started yesterday’s push higher. $2,200 was just a few words from the Fed.
We’ve confirmed that we’ll see three rate cuts this year. As always, it depends on the data, but that would result in the Fed funds rate being 3/4 percent lower in 2024, so all of these things are sure to be exciting time hikes.
But the other thing to mention here is the sentiment. I mean, the mood is bullish, and I don’t think we can overstate that the CME Monitor is now telling us that, Based on market trends, it is highly likely that a Fed interest rate cut will take place in June, with traders currently pricing in an 80% probability., and that’s just one part of This is now, some of this is going to be in a decline in the US dollar, I mean that’s the way things are, and we now know that the lower the interest rate, the lower the interest rate Treasury yields the lower the opportunity cost on Gold.
If the US dollar falls, Gold rises.
If the US dollar falls, Gold will rise significantly here; although we are seeing modest declines in the dollar, we are seeing big jumps in Gold now. So much of this analysis can be tedious, as these are all-time highs. This might be boring for you, too. I suppose it all depends on the forecast, but sometimes I like to come in here and skip right over the analysis and say, hey, Gold might go up.
Maybe a little bit of it comes out covering the plan, and then the whole thing shuts down, but the biggest thing to consider is the part that none of us know, and that’s what Gold is going to do going forward. So, I think it’s important to know the reason for the current price action because that helps us give an idea of what’s coming.
And this is just a guess, an operator shaking the magic eight ball and seeing what it says, but it’s hard not to at least assume that what we’re seeing now is just the beginning. Now, where do we go from here? $2300—that’s the number I used before.
And that’s pretty close now. I was talking about that in October or November of last year, but I was using that as something that I thought we could get to by the end of the year, and let’s be honest, I was also giving a plus or minus maybe it’s 2300 maybe it’s 2100 well 2100 in view Back look at us, and we give future numbers.
What do analysts think is suitable for investing in Gold?
Here, what do we know? We are not analysts, so what do analysts think is good? Analysts need clarification. That’s a word that keeps coming up. It’s just another data point that analysts are thinking about, but if they’re confused by the current movement, that would probably temper our expectations a little bit, so here’s a 5-year curve from $1,300, The $2,200 that we have seen so far in the price of Gold, we probably should not plan on this path continuing.
But again, if we’re all scratching our heads, who knows? Here’s a conservative view: As yesterday’s trading was weak, maybe it was the price action. It was getting a bit hectic now, and it wasn’t based on the central bank buying, or some billionaire whales coming in, or anything mysterious. Really, we’ve just seen comments supporting interest rate cuts, and we’ve seen the price of gold rise.
Summary
There’s nothing mysterious there. I prefer to look at it in general. Analysts’ comments on price predictions, so what we’re going to see going forward at $2300 have been given by quite a few of these analysts by city by UBS and quite a few others now. I would say that this works well, as my expectation is a little higher than that, but I don’t have any kind of job title to back that up.
